SS7E1 The student will analyze different economic systems.
a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
c. Compare and contrast the economic systems in South Africa and Nigeria.
SS7E2 The student will explain how voluntary trade benefits buyers and sellers in Africa.
a. Explain how specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.
b. Explain why international trade requires a system for exchanging currencies between nations.