Which type of economies do all African countries have
Traditional
Mixed
Market
Command
The answer is mixed. While some African countries may lean more towards traditional or command economies, the majority of countries on the continent have mixed economies.
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Nigeria's economy is almost entirely dependent upon
________.
Energy production
Agriculture
Service industries
Manufacturing
Nigeria's economy is almost entirely dependent upon energy production.
African countries have various types of economies, rather than one specific type that applies to all countries. The economies in Africa can be classified into different categories, including traditional, mixed, market, and command economies.
1. Traditional Economy: Some African countries still have traditional economies, especially in rural areas where subsistence agriculture and barter systems are prevalent. These economies are based on traditional customs, beliefs, and practices.
2. Mixed Economy: Many countries in Africa have mixed economies, which combine elements of both market and command systems. In a mixed economy, there is a mix of private ownership and government intervention in economic activities to varying degrees.
3. Market Economy: Several African countries have market economies, where the majority of economic activities are driven by supply and demand. In a market economy, the allocation of resources is primarily determined by market forces, such as prices and competition.
4. Command Economy: Some African countries have or have had command economies in the past. In a command economy, the central government has a significant influence or control over economic activities, including owning and controlling major industries and making decisions on resource allocation and production.
It is important to note that the specific economic system within each African country may vary, with some countries transitioning from one type to another over time.