Human Development
What HDI stands for
What is the Human Development Index?
Definition of economics
What is....economics is the study of how societies organize to manage their resources to satisfy wants and needs?
What is scarcity?
Increased focus to develop further knowledge or skill in a given area
What is specialization?
Works together to control the price of oil
What is OPEC?
Three factors used to determine HDI
What are:
1) Life Expectancy
2) Education Index
3) Gross National Income
Two main forces that drive an economy
What is supply and demand?
Type of economy in which the four basic economic questions are answered by a centralized federal government
What is command economy?
Import tax
What are tarrifs?
Provides financial assistance to nations in crisis
What is IMF, or International Monetary Fund?
The main difference between MYSI and EYSI
What is....actual vs expected education? MYSI measures the actual amount of education the average 25 yo has received, while EYSI measures the expected amount of education the average 5 yo in a country will receive.
Three types of economic resources
What are
1) Natural
2) Capital
3) Human
Primary benefit of a market economy
What is competition?
Unit of currency in the EU
What is the Euro?
Judicial branch of the United Nations
What is World Court?
Two individuals credited with created HDI
Who are:
Amartya Sen
Mahbub ul Haq?
Principle that choosing one thing means not choosing another
What is opportunity cost?
Term for setting limits on how much a person may purchase in a given period of time
What is rationing?
Organization that regulates business practices in the US
What is the Federal Trade Commission?
Provides research and administrative assistance to address global economic issues
What is UNDESA?
What PPP stands for in the context of economics
What is Purchasing Power Parity?
Term for how well or poorly people think a business, region, or economy is doing
What is consumer confidence?
Disadvantages of a traditional economy
What are limited career variety and product options, limited exposure, and poverty?
Three R's of tarrifs
What are Restriction, Revenue, and Reciprocity?
Forum for discussing issues related to democracy and free trade
What is OECD, or Organization for Economic Cooperation and Development?