Classifying Countries
The USA is considered what type of country
developed
What is literacy rate
the amount of people who can read or write
goods being brought into a country are known as
imports
When countries rely on each other it is known as ___________
interdependence
when countries trade with each other is it known as
international trade
India and Nigeria are considered what type of country
developing
What is the average life expectancy
how long someone is expected to live
goods being sent out and sold to other countries are known as
exports
Countries have to rely on each other to meet their needs often because we have an _________ ________ of natural resources, meaning not everyone has the same amount of natural resources
uneven distribution
What do we call it when a country focuses on producing a good that they're the best at producing
specialization
China is considered to be what kind of country
Emerging
What is subsistence farming?
growing just enough to meet your needs
your iPad that was made in China is an example of an _____ of the USA
import
What does Japan rely on Saudi Arabia for?
oil
Country A is able to produce sneakers at a lower cost and more efficiently than Country B... we would say Country A has this over Country B in producing sneakers
absolute advantage
A low birth rate is present in what type of country
Developed
The total value of goods produced in a country is known as the country's _________
GDP (Gross Domestic Product)
What is Saudi Arabia's major export and why?
oil, large amounts of oil fields
What does Saudi Arabia rely on Japan for?
vehicles
What is opportunity cost
when you choose one thing, you give up another
1. high literacy rate
2. short average life expectancy
3. low GDP
4. high birth rate
1. developed
2. developing
3. developing
4. developing
quality of life, HDI
What is USA's major export and why?
agricultural goods, lots of fertile farmland
Why aren't all countries that have vast natural resources considered economically rich?
they do not have the tools or technology to use the resources to produce goods
Give two examples of countries that have an absolute advantage and provide what they have an absolute advantage in
answers vary