economies of africa ss7e1 the student will analyze different economic systems
TRANSCRIPT
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ECONOMIES OF AFRICA
SS7E1 The student will analyze different economic systems
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Africa in TransitionWhat Do You Know About
Africa?
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• More than 1 billion inhabitants.• More countries than the U.S. has states.
(54)• 60% of all arable land on the planet.
• 7 of the 10 fastest growing economies in the world.
• A “BRICS” country.• A country with an 18% growth rate.
(Mozambique)
Tremendous potential.
AFRICA HAS…
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“Africa has gone directly from the
drum to cell phones…skipped
land lines altogether.”
-Ebrahim Rasool, South African Ambassador to the U.S.
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1.You are an executive with Delta Airlines in Atlanta, Georgia.2.You are a low-skilled American worker in the textile business.3.You are a cotton farmer in Lenox, Georgia.4.You work for the CDC in Atlanta.5.You are an unemployed architect in Lisbon, Portugal.6.You are a student studying the origins of man.7.You are an oil executive.
WHY STUDY AFRICA SCENARIOS
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SOUTH AFRICA’S ECONOMY
Type of EconomyMixed
What is produced?Mining, agriculture, servicesMinerals (diamonds and gold) and goodsBecause of apartheid, the government control and operates many businesses and services
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Finsch Diamond Mine, South Africa
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Cattle Ranch
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Platinum Mining in South Africa
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SOUTH AFRICA’S ECONOMY
How is it produced?Private businesses and consumers make production decisionsThe Reconstruction and Development Plan (a government plan) determines how social services are administered by the government.
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SOUTH AFRICA’S ECONOMY
For whom is it produced?For domestic and international marketsThe government social services sector produces public goods and services based upon the needs on the population throughout the country.
GDP$379.1 billion (2012 est.)GDP per capita: $11,300 (2012 est.)
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NIGERIA’S ECONOMY Type of Economy
MixedWhat is produced?Major industry is petroleum. This is followed by agricultureBusiness development is difficult because of corruption and ineffective govt. oversight of marketsIt is estimated that as much as 75% of the economy occurs in the informal sector (subsistence agriculture) and is not counted in the GDP
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Currency e
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NIGERIA’S ECONOMY
How is it produced?Through drilling and refining. The oil industry has been controlled by the govt. but is becoming privatized (own by individuals)Production inefficiencies because of corruption, high tariffs, and lack of infrastructure.
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Nigerian Oil Spill, 2011
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NIGERIA’S ECONOMY
For whom is it produced?46% of the daily oil production is exported to the U.S.Many consumer goods are imported.
GDP$266.6 billion (2012 est.)GDP per capita: $2,700 (2012 est.) per capita
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ADVICE FOR THE COUNTRIES
Give Nigeria three pieces of advice of how to improve their economy.
Give South Africa three pieces of advice of how to improve their economy.
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