Classifying Countries
The USA is considered to have this type of economy
developed
What is a nation's literacy rate?
Is a high literacy rate an indicator of a developed or developing economy?
the amount of people who can read or write
developed
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
Haiti and Nigeria are considered to have this type of economy
developing
What is the average life expectancy?
Is a longer average life expectancy an indicator of a developed or developing economy?
how long someone is expected to live
developed
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 and Mexico are considered to have this kind of economy
Emerging
What is subsistence farming and what type of economy is it usually an indicator of?
growing just enough to meet your needs, developing
What does Japan have very little of and therefore must import from other places
oil
What does an uneven distribution of natural resources force countries to do?
trade with each other to meet their needs
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 an indicator this type of economy
Developed
The total value of goods produced in a country is known as the country's _________.
If this is high, would the economy be considered developed or developing
GDP (Gross Domestic Product)
developed
What is Saudi Arabia's major export and why?
oil, large amounts of oil fields
Provide an example of how the uneven distribution of resources affects Japan and Saudi Arabia
Japan has very little oil and needs oil to produce cars. Therefore, Japan sells vehicles and other products for that they can buy oil from countries like Saudi Arabia
What is opportunity cost
when you choose one thing, you give up another
What are three geographic features that slow down economic growth?
mountains, rainforests, and deserts
quality of life, HDI
What is a major export of the USA and why?
answers vary:
agricultural goods:lots of fertile farmland
computers, planes, military hardware: skilled workforce, technology and industry
What are three things that can keep a country that has a large amount of natural resources from becoming "economically rich"
Answers Vary:
not enough money
unstable government
not enough technology
landlocked, no coastal access
What are the four geographic features that promote economic growth?
rivers, valleys, plains, forests