Standard of Living/ Economics

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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


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