The changing economic world case study

Flashcards to review key concepts regarding Nigeria's economy, agricultural practices, and the role of transnational corporations.

What is a newly emerging economy (NEE)?

Countries experiencing higher rates of economic development, particularly with rapid growth of industrialisation.

What is subsistence farming?

Agriculture that produces only enough food and materials for the benefit of a farmer and their family.

What indicates Nigeria's global importance?

It is ranked the world's 27th largest economy (2020) and the 15th largest producer of oil.

What indicates Nigeria's regional importance?

It is one of the fastest-growing economies in Africa, with Africa's highest GDP and third largest manufacturing sector (2020).

What is a country's industrial structure?

The proportion of the workforce employed in different industrial sectors: primary (agriculture and mining), secondary (manufacturing), and tertiary (services).

How does the growth of manufacturing stimulate economic development in Nigeria?

By providing employment, secure incomes, tax revenues, and using Nigerian oil for chemical industries.

What are the advantages of transnational corporations (TNCS) operating in LICs and NEES?

They provide employment, training, development of new skills, invest in local infrastructure, services, and education.

What are the disadvantages of TNCS operating in LICs and NEES?

Poor working conditions, environmental damage, and most profits going abroad.

What are the advantages of Shell operating in Nigeria?

Employs thousands, pays taxes, awards contracts to Nigerian companies, and invests in health care and education.

What are the disadvantages of Shell operating in Nigeria?

Most oil is exported unrefined, production lost through sabotage, pollution of the Niger Delta.