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Economics > Unit 5 > Flashcards

Unit 5 Flashcards

1
Q

what are living standards

A

all factors that contribute to a persons well being and happiness

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2
Q

how is it measured

A

through GDP/Capita(average income per person)

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3
Q

Advantages of using GDP/capita to measure living standards

A

useful measure of the total production taking place in the country
takes population into consideration
good indicator of jobs being created

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4
Q

Limitations of using GDP per capita to measure living standards

A

takes no account of what people can buy using their incomes
doesnt consider changes in technology that can have a large impact on living standards
distribution of income is unequal so isnt accurate
excludes the unpaid work people do
doesnt differentiate between positive and negative values places on goods
doesnt determine peoples happiness and well being

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5
Q

what is the Human Development Index

A

used by the UN to compare living standards across the globe
combines other indexes:
income index
education index
healthcare index

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6
Q

benefits of using HDI to measure living standard

A

takes into account major indicators of living standard
recognizes its not just output or income that determines living standards
can compare global living standards
useful and reliable since widely recognized

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7
Q

limitations of HDI to compare living standards

A

wide differences in HDI within countreis
doesnt talk about income inequalites and wealth
information for all countries may not be available
doesnt consider many other factors

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8
Q

reasons for differences in living standards and income distribution within and between countries

A

regional variances in income and consumption
major type of sectors/job: manufacturing carries more income than agricultural regions
local government provisions of education and wealth

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9
Q

reasons for differences in living standards between countries

A

productivity of industries
major industries
population(denser = lower per capita income)
ability of citizens to pay taxes
provision of health and educational facilities
variety of goods/services produced
wars,crime and natural disasters

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10
Q

what is absolute poverty

A

the inability to afford basic necessities needed to live

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11
Q

how is absolute poverty measured

A

by the number of people living below a certain income threshold

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12
Q

what is relative poverty

A

the condition of having fewer resources than others in the same society
is a measure of income inequality

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13
Q

what are the causes of poverty

A

unemployment
low education levels
the size of a family
age
poor government support
poor health
overpopulation
minority groups
gender

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14
Q

how to alleviate poverty

A

introducing measures to reduce unemployment
imposing progressive taxes
introduce welfare services
introducing minimum wage legislation to raise wages
increase the quantity and quality of education
attract and invite inward investments from firms abroad to provide jobs and incomes for people

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15
Q

what is economic development

A

refers to the increase in the economic welfare of people through growth in positive scale and wealth of an economy

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16
Q

what are developed countries

A

characterised by high GDP/capita, high life expectancy,high literacy rate,excellent infrastructure and high productivity

17
Q

under developed economies

A

characterised by low GDP/capita, high population growth, poor infrastructure, healthcare and education

18
Q

developing economies

A

countries that are becoming more developed through expansion of the industrial sector
can have low standard of living

19
Q

reasons for low economic development

A

overdependence on agriculture
domination of international trade by developed economies
low levels of saving
lack of capital
poor investment in infrastructure
high population growth
wars and conflicts deplete resources
corrupt or unstable governments

20
Q

what is population

A

the total number of people inhabiting a specific area

21
Q

what factors affect population

A

birth rates
death rates
net migration

22
Q

what are birth rates affected by

A

affected by living standards,use of contraception, custom,religion,female employment and marriage

23
Q

what are death rates affected by

A

living standards
healthcare
natural disasters
war

24
Q

what is net migration

A

the number of people entering and leaving the countries

25
Q

impact of net inward migration

A

will increase the working population but increase demand for housing, education

26
Q

impact of net outward migration

A

may increase the income per capita and HDI but skilled workers are lost

27
Q

what is net migration affected by

A

living standards
employment/wages
climate

28
Q

what is age distribution

A

the number of people in each age group

29
Q

consequences of an ageing population

A

workforce will decline and tax paying population has to fund welfare of old people
increase in demand for services like healthcare
government spends more on housing, healthcare
economy will be slow to adapt to new technology

30
Q

what is gender distribution

A

the balance of male and females

31
Q

what is gender imbalance and how is it caused

A

an excess of males or females and caused by:
wars killing young males
violence towards females
sex specific immigration

32
Q

what are consequences of change in gender distribution

A

having more females encourages birth rates to rsie and increase population growth
more females in employment can increase productivity
more females in education and employment increase living standards

33
Q

what can a balanced gender distribution achieve

A

aids better social equality

34
Q

what do population pyramids show

A

the age and gender distribution

35
Q

what is geographic distribution

A

where people live(rural or urban ares)

36
Q

what is occupational distribution

A

what jobs people works in( what sectors)

37
Q

what is an optimal population

A

where the output of goods and service per head is maximised

38
Q

what is the effect of increasing population size

A

increases size of home market
higher demand and income will lead to economic growth
increased supply of labour
puts pressure on scarce resources
possible fall in rate of productivity
shift from primary sector to services
congestion of urban centres

Economics (9 decks)

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