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46 Cards in this Set
- Front
- Back
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mutual reliance between two or more groups
group are mutually dependent on the others |
Interdependence |
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Germany, Japan, Norway, USA |
More Developed |
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Brazil, Russia, India, China (*BRIC/BRICS= + South Africa) |
Newly Industrialized |
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Afghanistan, Iraq, Rwanda, Somalia |
Less Developed |
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What was developed by the UN in 1990 that ranks countries based on their standard of living |
Human Development Index |
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What does the HDI require |
political indicators, demographic indicators, social indicators, determines levels of economic development. |
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what causes the consumer a consumer to buy domestic produced goods |
Protective Tarriff |
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a protective tariff is a tax added to what to do what |
a tax added to the price of a product to make it higher priced that domestically produced products |
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resources provided by nature that people can use to create goods and services |
Natural Resources |
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all human labor that requires to produce something |
Human Resources (planning,studying, working, training) |
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good created in order to create other goods and services (hammer, tractor, roads, phones, all infrastructure) |
Capital Resources |
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Entrepreneurship is allowed in what economies and banned in what economies |
allowed in capitalism, traditional, and socialism but banned in communism (command) |
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people who bring together and organize other productive resources (business owners, CEO) |
Entrepreneurs (idea of Entrepreneurship) |
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the way a country manages what is vital to their economic success? |
Their Resources, so it must be managed properly |
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Why is strong infrastructure so important? |
to create goods using natural and human resources, it's vital because it transports goods |
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many companies that decide to move their factories to other countries where it will cost less to run and people work cheap |
Offshoring |
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many countries maintain their factories in the US but purchase certain parts or services from foreign countries |
Outsourcing |
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what is the difference and similatities between offshoring and outsourcing |
offshoring moves their factories to another country and run it thereto be more cost efficient, while outsourcing just receives parts or services from other countries |
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benefits of globalization |
-internet provides communication and shared info -economic development is easier w/ internet -cultural diffusion w/out physical interaction |
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costs and problems of globalization |
-pollution and diseases increase rapidly -trade imbalances -job spread causes fewer jobs needed to LDC -bad thing to one= bad to all |
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life expectancy, birth and death rates, infant mortality rate |
Demographic Indicators |
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Demo Ind: more developed has... less developed has... |
MD:high -life expectancy low -birth, death, infant morality LD: opposite |
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GDP, GDP/capita, # of cars, phones, TV, computers/ person |
Economic Indicators |
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literacy rates, % attending college, # of professionals, housing, water supply, sanitation |
Social Indicators |
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freedoms people enjoy, degree of democracy and goverment oppresion, voting rights, *level of human rights, tolerance gov has for diff POV |
Political Indicators |
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There is no direct relationship between ............. ......... and a nation's ...... .. ........ |
economic development, system of goverment |
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refers to how advanced an economy is |
economic development |
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activities as collection goods, involving the production of foods and the extraction of resources |
Primary activities |
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examples of primary activities are |
growing crops, logging, fishing and mining |
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activities that processes and changes the forms of raw material, adding to it's value |
Secondary activities |
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examples of secondary activities are |
-logs cut into wooden planks and assembled into furniture -iron ore changed into steel and shaped into railroad tracks |
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economic activities that deal with services |
Tertiary activities |
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examples of tertiary activities are |
-teachers who provide education -doctors who provide their knowledge pf care to ppl -lawyers who provide their services to serve justice |
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economic activities consisting of those involving information processing and managment |
Quaternary activities |
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examples of quaternary activities are |
computer programmer, manager of a company, CEO, researchers for diseases |
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Barter system |
traditional economy |
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market or capitalism economy |
free enterprise economy |
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planned or command economy |
communism |
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what are some examples of traditional economy |
subsistent farming (agriculture), cottage industry, hunters, fishers |
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what are some examples of free enterprise economy |
US, UK, Germany, France, Chile, Japan, Mexico, Singapore *commercial agriculture and industries |
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what are some examples of communism other than a communist run factory |
China, Soviet Union, Cuba, North Korea, and Vietnam |
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what are some examples of socialism |
Sweden and Israel, most of western europe befor WW2, and India (1957-1991) |
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what happens in a traditional economy? |
customs and traditions determine what produces, ppl free to be a part of legal buss., no private property, new ideas often discouraged
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what happens in a free enterprise economy? |
ppl have right 2 own priv prop, goods produced to meet ppl needs, able to start new buss, profits vital in supply-> demand |
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what happens in a communism economy? |
all major decisions made by gov, priv prob abolished, all owned by gov, economy based on workers should share equality and cooperation, goal= classless society |
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what happens in a socialism economy |
gov tries to end poverty by controlling nations resources, and providing servic., gov makes most decisions of pro and distib, major industry owned by gov, goal= fair distribu of income and ppl basic needs free or cheap |
