Geography Flashcards
What is the balance of trade?
The balance of trade is the value of exports minus the value of imports.
What happens if the value of exports is less than the value of imports?
The country has a negative balance of trade (BoT).
What do poorer countries tend to export?
Lower-value raw materials.
What do richer countries tend to export?
Higher-value manufactured goods.
What is unfair trade?
Developed countries make business laws that advantage themselves over trading partners.
How do countries protect their economies in trade?
By imposing tariffs and quotas on foreign imports.
What do LEDCs primarily export?
Raw materials with less value.
What do MEDCs primarily export?
Manufactured and specialized equipment with more value.
What impact does technology have on economic growth?
Better technology increases productivity and lowers costs.
What is the role of infrastructure in economic output?
Improvements and investment reduce costs and increase efficiency.
What is the effect of health and welfare on productivity?
Healthy populations are more productive and able to save more.
How does poor nutrition affect workers?
It prevents them from working to their maximum efficiency.
What type of education was provided during colonial times?
Colonial education was essentially literary and had no technological base.
How does education impact economic growth?
It raises productivity, creativity, and promotes entrepreneurship.
What can an unstable political environment lead to?
Reduced investment and slower economic development.
What effect can poor economic performance have on government?
It may lead to government collapse and political unrest.
What climatic conditions are often found in the poorest countries?
Hot climates with less fertile land, scarce water, and prevalent diseases.
What is the disadvantage of landlocked countries?
They have no direct access to the sea or overseas markets.
What factors affect the rate of economic growth regarding resources?
The quantity and availability of natural resources and the skills needed to process them.
