Standard of Living/ Economics
Infrastructure
Systems that help the country function like transportation, sanitation, energy, and communication systems
Imports
Good and services brought into a country
Exports
Goods and services traded out of a country
GDP
Gross Domestic Product: all the goods and services produces in a country in a year
Industrialized nation
High incomes, strong education, high technology, advanced medical care, advanced infrastructure and proper sanitation. Examples: America, Europe, Australia, Japan, Singapore, Canada, South Korea
Population below poverty line
How much of the population lives in poverty (percentage of people living without subsistent needs)
HDI
Human Development Index- ranking of the world's countries in three categories; life expectancy, literacy rate, and per capita income
Developing nation
Low incomes, poor education systems, overcrowded, limited medical care, weak infrastructure, minimal technology, and poor sanitation. Examples: Africa, South America, Southeast Asia, Central America
Balance of trade
Exports - imports= balance of trade
Population growth rate
Increase of population in a given year. Formula: birds - deaths + immigration =population growth (should be within 1-2%)
Capitalism
The means of producing and distributing goods is done by people. Individuals have power. Examples: UK, USA, Canads
Communism
The means of producing and distributing goods is done by the government; government is very controlling eg. Korea
Socialism
The means of producing and distributing goods is done by the group. Examples: kibbutz, Obamacare, taxes, welfare
Scarcity
Not enough resources to fulfill people's wants and needs.
Unemployment rate
Percentage of people that are unemployed/ want a job but can't find one
Labor force by occupation
All the members of a particular population better grouped by their occupation (agriculture industry and services)
GDP per capita
Amount of income per person per year income should be around the cost of living in the country
Economic System
An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.
Infant mortality rate
Average number of infant deaths for every 1000 live births
Life expectancy
Average period that person expect to live (women live longer)
Traditional Economy
Based on culture and rituals and its focus on the community as a whole everyone contributes and everyone reaps the benefits
Population distribution
Where people live- urban and rural = 100% (US is 90% urban)
Market Economy
Driven by consumers whose decisions determine how the industries and financial markets will operate
Age structure
Within a population, the number or proportion of individuals in each age group. Children, adults, elderly
Mixed Economy
Most common, utilizes limited government involvement while also applying free market concepts (USA)
Population density
Number of people per square mile in a country. Can be densely populated or sparsely populated
Inflation rate
Percentage increase of taxes in a given year a good percentage is around 2 to 3% (always goes up, income should too)
Literacy rate
Percentage of people that can read and write
Underemployment rate
Percentage of people who are overqualified for their job
Economics
Production, distribution, and consumption of goods and services.
Standard of Living
Refers to quality and quantity of goods and services available to people in a country, culture, or society (quality of life). We measure this by observing how well the economy is working
Embargo
Refusal to trade with another country (trying to change the country's rules, political threat, trying to cripple their economy, strategy)
Command Economy
Relies on the government to make all economic decisions
Fertility rate
Represents the average number of children that would be born to a woman if she were to live to the end of her childbearing years (births per women)
Interdependence
Two countries depend on each other for something example: America depends on China for oil
