9.2 Economic Sustainability

Define Sustainability

meeting the needs of the present without compromising the ability of future generations to meet their own needs

What is Economic Sustainability?

ensuring the average incomes in all countries are adequate to sustain a decent standard of living and continue to rise in line with inflation and living costs in the future

How does Innovation and Diverse Industries affect Economic Sustainability

a range of industries means more sustainability as a countries economy doesn’t depend on one and is therefore not vulnerable to weather conditions or changes in consumer patterns etc.

How does Job Creation affect Economic Sustainability?

employed people earn a wage, avoid poverty and contribute to their countries economy as well as pay tax

How does trade affect Economic Sustainability

it creates jobs, increasing average income and increases government export earning, growing the countries economy

What is Fair trade?

when high income countries offer better prices for producers in low income countries so they benefit more