Ashy African economics vocab Flashcards
Landlocked
surrounded by other countries with no access to a sea or ocean to trade
Example sentence: The country is landlocked, making it difficult to engage in maritime trade.
Isolated regions
rural areas far away from major population areas, cities, towns and therefore facilities/ trade etc
Additional information: Isolated regions often lack access to basic services and infrastructure.
Climate change
How climates are changing to experience more extreme and unpredictable weather
Terms of trade
How countries demand raw materials/ cash crops from developing countries, adding tariffs to stop countries manufacturing their own raw materials
Colonisation
Typically legacy from the C18th-C19th European countries exploited and creating countries despite of ethnic, religious, cultural, linguistic differences.
Cash crops
Crops grown in warmer climates on large scales such as sugar, coffee, tea, flowers, bananas and other fruit, which could be sold for quick money
Raw materials
such as metal ores in rocks e.g. Bauxite is mined and processed into aluminium. Countries look to exploit other countries with many raw materials.
Global trade
How goods and services are traded around the world, this is not a fair flow as more wealth continues to leave Africa.
Exploit
Take advantage of an environment, its plants and/ or animals.
FDI
Foreign Direct Investment is when once country invests in another country to gain access to resources, new markets and gain profits.
Define
TNCS
A company that operates in many different countries.
Poverty rates
The ratio of the population whose income falls below the poverty line
Nollywood
Nollywood is the nickname for the Nigerian film industry, which is one of the largest in the world in terms of the number of films produced annually.
