Quality of Life Indicators
GDP is an acronym that stands for this Quality of Life Indicator.
What is Gross Domestic Product?
This economy is based on the way things have always been done.
What is a traditional economy?
Mining is an example of a job in this economic sector.
What is the primary sector?
This factor for economic development involves the waste of public funds by government officials.
What is corruption?
This is an example of a wealthy country.
What is Germany, the United States, Canada, etc.
This cycle makes it difficult for poorer countries to make themselves wealthy.
What is the poverty cycle or cycle of violence?
This economy is efficient and leads to a wide variety, and is based on freedom.
What is a Market Economy?
Assembling a car is an example of a job in this economic sector.
What is the secondary sector?
Name another factor that contributes to economic development.
What is: Access to economic and natural resources, patterns of trade, colonial legacy, corruption, government spending, debt load, foreign ownership of resources, war or political instability
What is the countryside?
Countries with a low literacy rate will often have lower rates for this group of people.
Who are women?
This country is an example of a command economy.
What is China?
A CEO of a company has a job in this economic sector.
What is the quaternary sector?
How do patterns of trade and trade partners affect a country's economy?
Trade allows countries to specialize in what they do best. More trade partners means more money in the economy, which leads to better jobs, healthcare, schools, etc.
These three areas of the world are home to some of the wealthiest countries.
What are North America, Europe, and parts of the Middle East?
These two quality of life indicators are often low in poor or developing countries.
What are access to medical care, clean water, education, or GDP per capita?
What is one pro and one con for a command economy?
Pro: basic needs are met by the government
Con: lack of freedom for individuals and businesses
Name a job in the tertiary sector.
What is shipping, shopkeeping, etc.
How does a colonial legacy affect a country's economic development?
Former colonies face underdeveloped infrastructure, cycles of poverty and violence.
Colonial powers still benefit from the cyclical benefits of the resources they stole centuries ago.
The pattern of urban wealth and rural poverty is especially noticeable in this type of country.
What is a developing country?
A country that is poor will usually have high amounts of these three quality of life Indicators.
What are the fertility rate, infant mortality rate, and poverty rate?
What is one pro and one con for a mixed economy?
Pro: Balances government with free market, stability and innovation
Con: Challenging to find the right balance, growth might be slowed
How does a t-shirt connect to the four main economic sectors?
Answers may vary. Example: Cotton is harvested from a field, the cotton is made into thread and into a shirt, the shirt is shipped and sold, the company decides how to market the shirt or what type of shirt to make.
High debt means more money goes toward repaying it, rather than reinvesting in schools, roads, etc.
What are two things governments can do to reduce the wealth gap in their country?
Answers may vary. For example:
Governments can invest in rural development by improving infrastructure, schools, and healthcare services in less wealthy areas. They can tax the rich and fund social programs.