Wealth & GDP
What does GDP stand for?
Gross Domestic Product
Which economy is based on traditions and customs?
Traditional economy
What resource made the UAE wealthy?
Oil (petroleum).
What is trade?
Buying and selling goods or services.
Which sector involves farming, forestry and hunting?
Primary sector.
How to get GDP per capita?
GDP divided by population
Which economy combines market and command features?
Command economy
What organization helps coordinate oil production?
OPEC
What is globalization?
Growing connections around the world.
Which sector makes products from raw materials?
Secondary sector.
Which regions have the highest GDP per capita?
North America, Western Europe, Australia
Which economy combines market and command features?
Mixed economy.
In what year was the UAE formed?
1971
What is global trade?
Trade among countries around the world.
Which sector provides services like healthcare and retail?
Tertiary sector.
Name one factor that affects a country's wealth.
Natural resources, location, human resources, political stability, education, and healthcare.
What is one advantage of a market economy?
Competition keeps prices lower.
About what percentage of UAE labourers are foreign workers?
About 85%
What is outsourcing?
Hiring workers in another country where wages are lower.
In developed countries, which sector employs the most people?
Tertiary and quaternary sectors.
What does GDP help measure?
Economic growth and the size of an economy.
What is one disadvantage of a command economy?
Citizens have little freedom or poor decisions can affect everyone.
Why is the UAE diversifying its economy?
Oil is non-renewable and prices can change.
What is fair trade?
Trade where producers get fair prices, workers are treated ethically, and practices are sustainable.
What are two signs of a more developed economy?
High GDP per capita, advanced technology, good healthcare, high life expectancy (any two).