| A | B |
|---|
| infrastructure | the basic necessities needed to develop economically, roads, water treatment plants etc |
| NAFTA | US belongs to this economic alliance along with Canada and Mexico |
| comparative advantage | concept that says countries will export goods and services they can produce at lower opportunity costs than other countries |
| petroleum | the creation of the internal combustion engine created a demand for this resource |
| multinational companies | their headquarters are usually in developing countries |
| north america and europe | most of the countries in this region are economically developed |
| africa | least developed region |
| free trade | in recent years many governments have moved to this by eliminating trade barriers |
| trade barriers | embargoes, tariffs, and quotas are examples of this |
| EU | the world's largest trading block |
| tertiary | tour guides, doctors, and waitresses are all involved in these |
| capital resources | these include money available for investment, level of infrastructure, and technology |
| UN | organization that develops the human development index |
| human resources | when analyzing these we look at a population's level of education, skill and managerial abilities |
| japan | country that suffers from non proximity of resources |
| fossil fuels | modern industrialized countries depend heavily on this type of resource |
| non renewable resources | coal, oil, aluminum are this type of resource |
| primary activities | activities that inculde farming, fishing and lumbering |
| south west africa | more than half of the world's known oil reserves are located here |
| secondary | activities that include processing food and making cloth from cotton |
| renewable resources | resources that can be continually replaced |
| socialism | one of the main goals of this economic system is the equal distribution of wealth |
| free enterprise | people can own businesses and make a profit in this type of economic system |
| infant mortality rate, pop. growth | statistic would be represented by a low number in a developed country |
| GDP per capita | the value of goods and services divided by the population |
| deforestation | a problem caused by using wood as a source of energy |
| urban/cities | in developed countries, most people live in these areass |
| scarcity | created by the fact that we have unlimited wants and needs and limited resources |
| quality of life | refers to the happiness and satisfaction people feel with their lives |
| standard of living | refers to the financial and material well being of people |
| population growth rate | another name for natural increase |
| waste products and storage, accidents | two things that make us reluctant to expand our use of nuclear energy |
| How educated are the people? how skilled are the workers? | 2 questions that evaluate the human resources of a country |
| Europe | continent that has many socialist nations |
| embargo | when one country refuses to trade with another to punish it |
| tariff | tax on imports |
| Norway, Ireland, USA | developed countries |
| Chad, Israel, India | three deceloping countries |
| econimc indicator | anything we can measure to determine whether a country is developed or not. Ex.: GDP per capita |
| Infant mortality rate, population growth rate | have high numbers in a developing country |
| UN development index | name of the report put out each year by the UN to rank countries on their economic development |
| norway | most economically development |
| congo | the least economically developed country |
