Comparing Human Development & Economics in Developed vs. Developing Countries, Study Guides, Projects, Research of Economics

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CHAPTER 9-11-

Unit 4 Economics

● Countries are classified as developed or developing ● HDI measures level of development..100% ● HDI is based on ○ A decent standard of living ○ Access to Knowledge ○ A long and healthy life USA ….Ranks in the top HDI score

Human Development Index 9.

Access to Knowledge 9.

● People in developed countries complete more years of school

● Developed countries have lower pupil/teacher ratios and higher literacy

Health Indicators 9.

● People live longer in developed countries

● Developed countries spend more on health care

● Developed countries spend more than $4000 per person

● Developing countries spend around $

Two Paths to Development 9.

● Self-sufficiency

○ Investment is spread as equally as possible across all sectors of a country’s economy ○ Reducing poverty takes a precedence over encouraging a few people to become wealthy consumers ○ India

• people did not take advantage of making things better

International Trade

● A country can develop economically by concentrating on scarce resources ○ Arabian Peninsula...petroleum ○ The Four Dragons...clothing and electronics

• South Korea
• Singapore
• Taiwan
• Hong Kong

● Building up certain industries often hurts other necessary industries

Financing Development 9.

● Developing countries finance development through foreign aid and loans ● What does this graph show…..

Fair Trade 9.

● Model designed to protect small business and workers

● Fair Trade means a higher percentage of the sales price goes back to the producer

● Look for this logo on products you buy

Economic Structure

● Primary sector ○ Agriculture -----wheat and meat

● Secondary sector ○ Manufacturing -----steel and coal

● Tertiary sector ○ Services----tangible goods such as clothes or shoes

Core- A term referring to either a metropolitan statistical area or a micropolitan statistical area

Periphery- A model of North American urban areas consisting of an inner city surrounded by large suburban residential and business areas tied together by a beltway or ring road

Semi Periphery- In between

Industrial Revolution 11.

● Transformed how goods were produced for society

● The transformation was far more than industrial and it did not happen overnight

● The industrial Revolution resulted in new social, economic, and political inventions, not just industrial ones

Transformed industries

● Coal

● Iron

● Transportation

● Textiles

● Chemicals

● Food Processing

Factors in locating industry 11.

● Site where and why a city develops and changes

● Situation factors involve transporting materials to and from a factory •Water •Railroads

Situation Factors

● A firm seeks a location that minimizes the cost of transporting inputs to the factory and finished goods to the consumer.

● The farther something is transported the higher the cost.

● A Manufacturer tries to locates its factory as close as possible to both the buyers and sellers