Geography grade 10 Unit 4

Sustainable Economic Development

traditional economy

Market Economy

An economic system where decisions regarding investment, production, and distribution are driven by Indivisual. basic economic questions are answered by the interplay of buyer and seller .

Characterize of market economy

Private Property.
Economic freedom
Decentralized descion making

Command economy

An economic system in which the government makes all decisions regarding the production and distribution of goods and services, controlling economic resources and directing economic activity.

Command economy practiced countries

include North Korea, Cuba, and the former Soviet Union, where the government centrally plans and controls economic activities.

Mixed Economy

An economic system combining elements of both market and command economies, where both the government and private sector guide economic activities.

Sustainable Development

is a development approach that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs, balancing economic growth, environmental protection, and social equity.

3 components of sustainable development

economic growth, environmental protection, social equity

Indicator of economic development

GDP
Per capita income
Standard of living

Best measure of quality of life of a given society

Standard of Living

World Bank

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It aims to reduce poverty and support development by offering technical and financial assistance.

IBRD

The International Bank for Reconstruction and Development, part of the World Bank Group, provides loans and financial services to middle-income and creditworthy low-income countries to foster development.

Head Quarter of world bank

The World Bank's headquarters is located in Washington, D.C., United States, and serves as the main office for its global operations.

International Monetary Fund

An international organization that aims to promote global economic stability and growth by providing financial assistance.
Baiscly IMF make loan so that countries accumulate foreign debt when they buy from the rest of the world then they sell abroad.

World trade organization

An intergovernmental organization that regulates international trade by ensuring that trade flows as smoothly, predictably, and freely as possible.

Globalization

The process by which businesses or other organizations develop international influence or operate on an international scale, leading to increased interconnectedness and interdependence among countries.

Disadvantage of Globalization

May lead to job loss in local industries, increased inequality, and cultural homogenization.

organization dominated by wealthy nations

WTO

Removing rules that restrict companies from working in free market economic system

Trade Liberalization

Currently Ethiopia follows

a mixed economy model that combines elements of both free market and state intervention.

2 example of intellectual property right

patents and copyrights