Pg. 144-165

Question 1

What is wealth?

Answer 1

Production, distribution and consumption

Question 2

Economic indicators do what?

Answer 2

Compare the wealth of countries

Question 3

What is purchasing power parity? (PPP)

Answer 3

Measures the quantity of goods and services that can be bought in each country, in a given currency

Question 4

What is Gross Domestic Product? (GDP)

Answer 4

It measures the wealth created in a given year, based on goods and services produced

Question 5

What’s Gross National Income? (GNI)

Answer 5

The average income earned by a country’s population

Question 6

What is inflation?

Answer 6

The increase in price of goods and services for a given period of time

Question 7

What is the Human Development Index? (HDI)

Answer 7

Takes into account aspects related to individual well being and ability like health income and education of a population

Question 8

What is economic growth?

Answer 8

An increase in production volume

Question 9

What factors cause economic growth?

Answer 9

productivity 
Investment growth 
International trade
Improved production techniques
Population growth 
Consumers purchasing 
Education and qualification

Question 10

What are the Asian dragons and tigers?

Answer 10

Asian countries that have experienced extremely rapid economic expansion

Question 11

What are causes of globalization?

Answer 11

More communication and transportation
Free trade zones
Liberalization of trade
Multinationals

Question 12

What are advantages of globalization?

Answer 12

Diverse products
Lower prices
International division of labour

Question 13

What are disadvantages of globalization?

Answer 13

Interdependence between trading nations
Inequalities between developed and undeveloped states
Relocation to places with cheap labour
Competition between industries

Question 14

What is the IMF?

Answer 14

International Monetary Fund

Question 15

What is the IMFs goal?

Answer 15

To obtain global stability by loaning money to countries, giving advice, assistance and training.

Question 16

Resources cause?

Answer 16

Disparity of wealth since they’re unequally distributed

Question 17

Why won’t a country get rich from their natural resources?

Answer 17

Lack of money
Foreign companies take their profits
Market fluctuations

Question 18

What inequalities does wealth cause?

Answer 18

Unequal income gap
Urban rural gap
Gender inequalities

Question 19

Do all countries benefit from globalization?

Answer 19

No, underdeveloped countries are taken advantage of and exploited by rich countries

Question 20

What advantages do developed countries have for investors?

Answer 20

• cheap labour
• no labour laws
• less environmental standards

Question 21

Who is in the best place to take advantage of globalization?

Answer 21

Multinationals

Question 22

What do you need to benefit from globalization?

Answer 22

A solid economy
Good governance
Effective social policies
International influence

Question 23

What is colonialism?

Answer 23

When a territory is occupied and exploited by a territory that’s foreign.

Question 24

What is the main benefit of colonialism?

Answer 24

Economic. The mother country gets all the profits even if it goes against the colonies wishes.

Question 25

What is decolonization?

Answer 25

When a country takes action and separates from the mother country.

Question 26

How can a country decolonize from the mother country?

Answer 26

Negotiations, demonstrations or armed struggle

Question 27

How did the colonies maintain influence?

Answer 27

By supporting governments favourable to them.

Question 28

What is neocolonialism?

Answer 28

The economic domination of less advanced countries.

Question 29

Who are the Triad countries?

Answer 29

North America
Western Europe
Japan

Question 30

What are characteristics of emerging economies?

Answer 30

Impressive economic growth and a standard of living that is resembling northern countries.

Question 31

What are the Asian dragons names?

Answer 31

South Korea
Singapore
Taiwan
Hong Kong (china)

Question 32

What is a trade deficit?

Answer 32

When the value of a country’s imports exceeds its exports. (Bad)

Question 33

What is a positive balance of trade?

Answer 33

When a countries exports is greater than its imports.(Good)