In this Tackk we will be going over Market, Command, Mixed, and Traditional economies, and we will take a look at Nigeria and Africa's economies too.We will also talk about Trade barriers like Quotas, Embargoes and Tariffs.
A Market economy is where the citizens get to choose what they sell, buy, and the price.
A Command economy is where the Government tells the people how much, and what to produce.
A Mixed Market is where the people and the government have equal quality's at produce.
A Traditional economy follows traditional beliefs and doesn't really like new ideas.
Now we are going to look at Nigeria's economy type, its major exports and industries,literacy rate and its GDP.
Nigeria's economy is Mixed which means it's a good balance of Command and Market.
Its major exports are Crude petroleum, Petroleum gas, Refined petroleum, Rubber, Cocoa beans.
It's major industry is the Petroleum industry there.
Nigeria's GDP is 521.8 and it's literacy rate is 61.3 overall.
South Africa's Economy
South Africa's economy
South Africa is a Market economy.
South Africa's major export Gold, Platinum, Coal briquettes, Gold, and Iron ore.
South Africa's major industry's is Manufacturing.
South Africa's GDP is 6,617.91 and its Literacy rate is 93.1
Words To Know
Quota- To limit how much a country can import.
Embargo- To stop all trade with a country.
Natural Trade barriers- Natural barriers limiting trade.