HOW TO BE SELF SUFFICIENT IN PRODUCTION? A MODEL FOR AFRICAN COUNTRIES
KENDİNE YETERLİ ÜRETİM NASIL OLUNUR? AFRİKA ÜLKELERİ İÇİN BİR MODEL

Author : Ercan EKMEKÇİOĞLU -- İsmail ÇELİK
Number of pages : 280-286

Abstract

This paper focused on developing a model for Africa and how it would enhance self-sufficient production in this region. Production means the process of transforming raw materials into finished goods and services. African countries have been ranked as low developed economies or what may be termed as third world nation. Factors of production are land, entrepreneurship, labor, and capital. An economy with self-sufficient production does not depend much on imports; it sets quotas on imports, and increases tariffs. Entrepreneurship is an important economic indicator for self-sufficient production. Policy makers in Africa should focus more on reducing incidences where the government experiences budget deficits so as to promote self-sufficient production. Innovation in and of itself is a platform for self-sufficient production.

Keywords

Self-sufficient production, Africa, Entrepreneurship, Innovation

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