What is wealth?
the total value of a country's resources, including material goods, natural resources, and human resources
What is economy?
the system by which goods and services are produced, sold, and bought in a country or region
How can the wealth of a country be measured?
GDP and GDP per capita
What are some ways to achieve global development? (the improvement of the quality of life in countries around the world by sustainably improving social, political, economic, and environmental systems)
protecting human rights, reducing poverty, improving healthcare and education, supporting sustainable development projects
Why is economic development important for global development? (the improvement of the quality of life in countries around the world by sustainably improving social, political, economic, and environmental systems)
a strong economy produces the wealth necessary to improve other aspects of global development
Name 3 geographic factors that affect wealth.
natural resources, location, human resources
What is a market or a mixed market economy?
When consumers are free to decide how they will spend their money and the government has little to some control of economy regulations.
Name a job in each of the four industries: Primary, Secondary, Tertiary, and Quaternary
Primary= harvests natural resources; Secondary= natural resources to make consumer products; Tertiary= provides services or sells goods; Quaternary=information
What is global trade?
The buying and selling of goods among countries in the world
What is fair trade?
global trade in which producers in developing countries get a fair price for their products, workers are treated ethically, and practices are environmentally su
Is global trade and globalization sustainable?
It must create wealth (economic) while supporting quality of life (social) without harming the land and water (environmental)
