Major Effects On An Economy

Question 0

What are the 3 particular factors (particularly crucial) that can affect a given economy?

Answer 0

1. Resources
2. Population
3. Technology

Countries with a lot of wealth, usually have great amount of each of these of at least majority

Question 1

How many factors can effect an economy?

Answer 1

Myriad - many

3 in particular

Question 2

How do resources affect the economy?

Answer 2

1. Cultivatable land
   - US has a lot of farming & can make money that way in food
2. Fossil Fuels
   - middle eastern countries
3. Minerals
   - iron, ore, precious metals, & copper
4. Water Resources
   - irrigation for farming

Question 3

How does population affect the economy?

Answer 3

1. Leaner population means available resources do not run out quickly
2. Population who is willingly to work, produce and consume

• can greatly benefit the economy
• cannot pass its

carrying capacity - limit before resources begin to become scarce & run out

Question 4

How does technology affect the economy?

Answer 4

Ingenuity
&
Innovation

are the lifeblood of all economic growth

Whether

Its refining methods and business practices already in place or creating entirely new sectors

Question 5

When companies are looking to expand to newer regions what do they look at?

Answer 5

Population

Enough ppl to buy products
Educated workforce

Question 6

Give examples of innovation in technology helping the economy

Answer 6

Space Race inventions

Great minds coming to the US to create

** allowed for a serious expansion in the economy **