Resources & Trade
Definition: Something found naturally in the environment
Natural Resource
In a command economy, who decides what to produce and how much?
The government
What does GDP measure?
The total value of goods and services
What three factors make up the HDI?
Life expectancy, education level, and GDP per capita
Which continent covers all four hemispheres of the earth?
Africa
Definition: Lines that measure north and south
Definition: Job skills or education/training
Example of a human capital resource.
In which system can people own businesses but must follow laws?
Mixed economy
How do you calculate GDP per capita?
GDP ÷ total population
In this type of country, people are not expected to live past 50 or 60 years of age (developed or developing)
Developing
Which country produces the most tea?
China
How is climate different from weather?
Climate refers to the long-term average weather conditions, while weather describes the conditions right now
Mrs. T goes to the salon and gets a manicure; she also buys some nail polish when she is there. Categorize her purchases by goods and services.
Manicure = service. Nail polish = good
In a command economy, what is one possible disadvantage for workers?
Lack of choice or motivation since wages and jobs are assigned
If Country A’s GDP stays the same but its population doubles, what happens to GDP per capita?
It will decrease
Why is HDI better than GDP alone?
It includes quality of life, not just money
Which country has the largest area of land in the world?
Russia
What do you call a piece of land that’s almost — but not entirely — surrounded by water?
A peninsula
What is one of Minnesota's natural resources?
wheat, trees, iron ore
In a traditional economy, what economic decisions are primarily based on?
Historical customs and practices
Calculate: GDP = $20, population = 5. What’s GDP per capita?
$4 per person
Which has more industrial jobs—developed or developing countries?
Developed
What is the largest desert in the world?
Antarctica
Is 48 degrees south closer to the South Pole or the Equator?
South Pole
What happens to prices when demand rises?
Prices increase
What determines prices in a free market economy?
Supply and demand
How can GDP per capita give a misleading view of people’s well-being?
It is only based on money, not human factors
Why might a country with a high GDP still have a lower HDI?
Poor access to education or healthcare
What is the world's most populated city?
Tokyo, Japan
On average, which grows faster: Fingernails or toenails?
Fingernails
What happens to prices when supply increases but demand stays the same?
Prices usually decrease
Why might a pure free-market economy be risky for some citizens?
It can lead to unsafe products, inequality, or lack of public services
Why can two countries have the same GDP but different GDP per capitas?
Because one may have a larger population
Describe one challenge that developing countries face in improving HDI.
Lack of funding for education, healthcare, or infrastructure
What natural feature often separates countries, for example, Spain and France?
Mountains
What two countries share the longest border in the world
The United States and Canada
Why might a country focus on developing human capital instead of relying on natural resources?
Natural resources can run out, but educated citizens can create long-term growth for a country
What is one advantage and one disadvantage of a mixed economy compared to a free market?
Advantage: gov't can provide schools, parks, services. Things will probably be safer due to regulations.
Disadv: Slower growth, items can be banned, not free to do everything one wants.
Explain how improving the HDI could fix the country's overall development and quality of life for its citizens.
The citizens would:
* stay healthier, make better decisions (from having more schooling), create better inventions, and have more needs met due to having more money.
What continent has the most developing countries?
Africa
Which of these Central American countries has English as its official language: Costa Rica, Belize, or Panama?
Belize
Is Mrs. T's middle name: Susan, Angeline, or Michelle?
Angeline