Vocabulary
What does GDP stand for?
Gross Domestic Product
Name a developed country
United States, China, Canada, etc.
What is an example of a renewable resource
Wind, solar, hydroelectric(water), etc..
Name one of the comparative advantages India has
low wages, English speakers, trained workers
What is a multinational corporation?
Company that operates in more then one country
One company hiring another to perform a task or job for the original company
Outsourcing
GDP is made up of what two products of a country
Total of all goods and services
What is the main goal of OPEC?
To keep oil prices and sales steady
Name one comparative advantage the United States has
highly educated workforce, developed technology, high per capita GDP, lots of customers
What is the main reason shoes are produced in Southwestern Asian countries?
Cheap labor
Trade without restrictions, tariffs, or quotas
Free Trade
Which country consumes the most oil?
The United States
Do all countries in Southwest Asia have the same amount of oil located in them?
No
What is a time zone?
Geographic region where the same standard time is used
What is globalization?
trade and technology making the world into a more connected and interdependent place
Two countries mutually dependent on one another to produce goods and services
Economic Interdependence
Which type of information is displayed on all cartograms?
Numerical data on different locations
Three factors that go into measuring a country's human development index?
Per capita GDP, life expectancy, education
What is a brain drain?
What 3 methods are used to transport sneakers?
Ship, train, truck
The ability of one country to produce a good or service more efficiently then another
Comparative Advantage
If two countries have an equal GDP, why might one have a higher GDP per capita than the other?
Country with the higher GDP per capita has a smaller population then the other
What two ways has oil money improved life in Southwest Asia?
Higher life expectancy and lower infant mortality rate
List a specific example of a country outsourcing its work
Amazon outsourcing its customer support to a call center in India
Name 2 negatives of globalization
No labor laws, environmental destruction, job loss at home, loss of languages and traditions