Economic Development

What is a key economic indicator used to measure a nation's level of development?

Gross Domestic Product (GDP) per capita.

What are three social indicators of a developed nation?

Higher literacy rates, lower population growth/higher life expectancy, and a higher standard of living.

What is the term for a country with a high GDP per capita, a high standard of living, and strong technology and service industries?

A developed economy.

What is the term for a country with a lower GDP per capita and a lower standard of living, often relying on agriculture?

A developing economy.

What type of economy is moving from a command system to a mixed-market system?

A transitioning economy.

The transcript mentions China and Russia as examples of which type of economy?

Transitioning economies.

What international organization classifies economies as "advanced" or "emerging and developing"?

The International Monetary Fund (IMF).

According to the transcript, developing economies often have a strong focus on what two areas?

Agricultural activity and natural resources.

What has been a primary driving force of economic growth in many developing economies?

Globalization.

Name two international organizations that provide economic advice and loans to help developing countries.

The International Monetary Fund (IMF) and the World Bank.

What are three challenges often faced by developing countries?

High population growth, environmental problems, and high levels of poverty.

What are three things a transitioning economy must do to move to a mixed-market system?

Privatize state-owned businesses, open up trade, and establish a fair labor market.

What are two challenges faced by developed economies?

Slower economic growth and difficulty finding jobs for less-educated workers.

Developed economies are generally more focused on which type of industry?

Service industries.

The transcript states that after China began to open its economy, how many people were lifted out of poverty?

Over 600 million.