Economies
What is the definition of an economy?
An economy is a system of allocating resources to meet people's needs.
There are 4 main types of industries. What are they?
Primary, Secondary, Tertiary, Quaternary
What does "Quality of Life" mean?
Quality of Life is the general well-being of individuals and societies.
What is the difference in economic development between DEVELOPED and DEVELOPING countries?
Developed countries have stronger economic development (richer) compared to developing countries which have weaker economic development (poorer)
There are 4 main types of economies. What are they?
Traditional, Market, Command, Mixed
What is an example of a Tertiary Industry?
Banks, Hospitals, Hotels, or any service industry
What is the relationship between a country's literacy rate and their life expectancy?
Countries that have a higher literacy rate (more people know how to read) have a higher life expectancy (will live longer)
What is an International Organization that establishes the global rules of trade?
a) UNICEF
b) International Monetary Fund
c) World Trade Organization
d) the Government
What type of economy does Canada use today?
Market Economy - Canada is based upon supply & demand of goods and services
What type of industry is a Clothing Factory?
Secondary Industry
6 factors contribute to a person's Quality of Life. Name 3 of them and explain why.
Life expectancy, Literacy rate. Doubling time, Gross Domestic Product (GDP), Poverty rate, Unemployment rate
What is a Fair Trade Product?
Fair Trade products are goods produced in developing countries that are made sustainably and ethically (the workers are paid a living wage, better working conditions, etc.)
What was the Great Depression?
The Great Depression was when the Stock Market crashed in the 1920s, causing businesses and people to lose all their investments. People lost their jobs and homes and did not have any money to live. This resulted in a high level of homelessness and poverty. It wasn't until the start of World War Two that people began to find jobs and end the Great Depression
What type of economy is heavily reliant on industries?
Market Economy - industries are different businesses or manufacturers that produce goods and services, which is what a market economy needs to sustain itself on supply & demand
Why is it important to have a good Quality of Life?
It is important to have a good Quality of Life because you want to be able to live a good, healthy, sustainable life.
Various factors impact Global Economic Development. Name one and expand on how it impacts economic development.
Gender Inequality, Poverty, Unequal access to education, Child Labour, Unequal Access to Clean Drinking Water, Climate Change.