IMPACTS OF THE INTRODUCTION OF MONEY ECONOMY IN TRADITIONAL AFRICAN SOCIETY
Careful management of resources, finances, income and expenditure of a family, a business enterprise, community or a country. The economy of a country is to be well managed if it has the ability to meet the social economic needs of her members.
Development - it’s measured by the healthy of its economy in the provision of health, education, housing, sanitation, employment longevity of life, decrease of maternal and child mortality.
Use of money as a means of exchange in economic activities e.g. banking, investment, insurance, payment of goods and services.
Reasons for money introduction
Impact of the introduction of money economy in traditional African society
Explain the negative effects of the introduction of money economy in traditional African communities. (7 marks)
RELATED >> Outline eight negative effects of the introduction of money economy on the Africans in Kenya
TRADITIONAL AFRICAN UNDERSTANDING OF WEALTH AND POVERTY
In African traditional societies wealth was measured in terms of the amount of land, livestock, grains, wives, children possessed by an individual or the community.
Wealth was acquired in various ways:-
Poverty was viewed as punishment or curse for wrongdoing. Other causes of poverty according to African Traditional Society were: -
List seven ways in which wealth is acquired in traditional African communities. (7 marks)
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