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African Economic Systems
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Flashcards
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Mixed Economy
South Africa, Egypt - Mix of private freedom and government control
Command Economy
Zimbabwe (in the past) - Government makes all economic decisions
Traditional Economy
Rural areas across Africa - Based on customs, beliefs, and traditions
Market Economy
Rare in Africa; elements found within mixed economies - Driven by supply and demand
Informal Economy
Common in urban areas of many African countries - Economic activities not regulated by government
Subsistence Agriculture
Rural communities across Africa - Agriculture for family consumption and survival
Resource-based Economy
Nigeria, Angola - Heavily reliant on natural resources like oil
Modern Mixed Economy with Industrialization
South Africa - Advanced infrastructure and diverse industrial sectors
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