Standard of Living/ Economics – Flashcards
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Standard of Living
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Refers to quality and quantity of goods and services available to people in a country, culture, or society (quality of life). We measure this by observing how well the economy is working
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Population distribution
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Where people live- urban and rural = 100% (US is 90% urban)
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Economics
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Production, distribution, and consumption of goods and services.
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Infant mortality rate
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Average number of infant deaths for every 1000 live births
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Literacy rate
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Percentage of people that can read and write
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Underemployment rate
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Percentage of people who are overqualified for their job
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Age structure
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Within a population, the number or proportion of individuals in each age group. Children, adults, elderly
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Population growth rate
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Increase of population in a given year. Formula: birds - deaths + immigration =population growth (should be within 1-2%)
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Inflation rate
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Percentage increase of taxes in a given year a good percentage is around 2 to 3% (always goes up, income should too)
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Life expectancy
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Average period that person expect to live (women live longer)
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Population below poverty line
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How much of the population lives in poverty (percentage of people living without subsistent needs)
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Developing nation
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Low incomes, poor education systems, overcrowded, limited medical care, weak infrastructure, minimal technology, and poor sanitation. Examples: Africa, South America, Southeast Asia, Central America
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Industrialized nation
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High incomes, strong education, high technology, advanced medical care, advanced infrastructure and proper sanitation. Examples: America, Europe, Australia, Japan, Singapore, Canada, South Korea
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Labor force by occupation
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All the members of a particular population better grouped by their occupation (agriculture industry and services)
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Economic System
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An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.
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Market Economy
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Driven by consumers whose decisions determine how the industries and financial markets will operate
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Mixed Economy
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Most common, utilizes limited government involvement while also applying free market concepts (USA)
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Traditional Economy
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Based on culture and rituals and its focus on the community as a whole everyone contributes and everyone reaps the benefits
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Command Economy
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Relies on the government to make all economic decisions
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Exports
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Goods and services traded out of a country
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Imports
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Good and services brought into a country
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Balance of trade
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Exports - imports= balance of trade
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Embargo
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Refusal to trade with another country (trying to change the country's rules, political threat, trying to cripple their economy, strategy)
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Scarcity
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Not enough resources to fulfill people's wants and needs.
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GDP
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Gross Domestic Product: all the goods and services produces in a country in a year
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Interdependence
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Two countries depend on each other for something example: America depends on China for oil
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Infrastructure
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Systems that help the country function like transportation, sanitation, energy, and communication systems
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Population density
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Number of people per square mile in a country. Can be densely populated or sparsely populated
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GDP per capita
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Amount of income per person per year income should be around the cost of living in the country
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Unemployment rate
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Percentage of people that are unemployed/ want a job but can't find one
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Fertility rate
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Represents the average number of children that would be born to a woman if she were to live to the end of her childbearing years (births per women)
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HDI
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Human Development Index- ranking of the world's countries in three categories; life expectancy, literacy rate, and per capita income
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Communism
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The means of producing and distributing goods is done by the government; government is very controlling eg. Korea
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Socialism
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The means of producing and distributing goods is done by the group. Examples: kibbutz, Obamacare, taxes, welfare
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Capitalism
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The means of producing and distributing goods is done by people. Individuals have power. Examples: UK, USA, Canads
