Evaluate how literacy rates affect the standard of living.
Identify literacy rate and standard of living.
Literacy rate – Percentage of people who can read and write.
Standard of living – Quality of life based on income and needs.
Identify human capital and gross domestic product.
Human capital is skills and knowledge; GDP measures economic
Define capital goods, gross domestic product, and GDP per capita.
Capital goods are used to produce goods; GDP measures total output; GDP per capita is GDP divided by population.
Define what it means for a country to undergo development.
Development means economic growth, improved living standards, and infrastructure.
Define entrepreneurship.
Entrepreneurship is starting and managing businesses for profit or innovation.
Explain factors that contribute to low and high literacy rate and standard of living.
Factors include education, economy, healthcare, policies, and infrastructure.
Explain factors that contribute to human capital and gross domestic product. Describe the factors that contribute to human capital and gross domestic product.
Education, training, healthcare, and technology boost human capital and GDP
Identify reasons for governments to invest in capital goods and human capital. Identify the reasons for individuals, businesses and governments to invest in capital goods.
Governments invest to boost growth, productivity, and living standards.
Investing in capital goods drives growth, efficiency, and innovation.
Identify the regions of Southwest Asia (Middle East) where oil is located.
Oil is found in Saudi Arabia, Iran, Iraq, Kuwait, and UAE.
Identify characteristics of entrepreneurship.
Innovation, risk-taking, leadership, problem-solving, and business management.
Evaluate how literacy rates affect the standard of living.
Higher literacy improves jobs and income; lower reduces opportunities.
Explain the relationship between investment in human capital and gross domestic product.
Investing in human capital increases skills, boosting productivity and GDP.
Explain the relationship between investment in capital goods (factories, machinery, and technology) and gross domestic product (GDP per capita).
Investing in capital goods boosts productivity, increasing GDP per capita.
Explain how the distribution of oil has affected the development of Southwest Asia (Middle East)
Oil wealth boosts economies, creating inequality and regional dependence.
Describe the role of entrepreneurship.
Entrepreneurship drives innovation, creates jobs, and boosts economic growth.