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Economic Development

Economic Development. Ch. 9 Part 1. Warm Up. The idea that once a culture locates in another area, the original customs and traditions eventually die out or are less strong is: Place utility Acculturation Distance decay Transhumance Gravity model. Last day to register for AP Exams!!.

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Economic Development

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  1. Economic Development Ch. 9 Part 1

  2. Warm Up The idea that once a culture locates in another area, the original customs and traditions eventually die out or are less strong is: • Place utility • Acculturation • Distance decay • Transhumance • Gravity model Last day to register for AP Exams!!

  3. Basics of Economics • 4 major types of Economies: • Traditional • Communism • Socialism • Free Enterprise/Capitalism • All fall along a spectrum

  4. Economic Spectrum

  5. Free Enterprise • Allows the competitive market to determine the price of goods • People have the freedom to choose their own outcomes based on their ability and freedom to pay • Based on competition and supply and demand • Creates winners and losers

  6. Communism • Karl Marx—a response to Capitalism • Communist Manifesto-Prediction that proletariat would eventually rise against the bougeousis • Total government control of all prices in a society • Government determined careers • Equal pay for all workers

  7. Socialism • Government controls basic items in an economy (transportation, agriculture, energy) • Individuals control other businesses • Higher taxes but more government services • Most European countries

  8. What is Development? • Simply, an improvement in material conditions • Can be measured by GDP, Literacy, Life expectancy, birth rate, etc.

  9. Economic Sectors Tertiary Provides services to businesses and general population Secondary Production of goods (construction, manufacturing) Primary Extraction of raw materials (agriculture, fishing, mining)

  10. Economic Sectors • Primary-Work directly with raw materials • Secondary-Processes/manufactures raw materials • Tertiary-Provides a service • Quaternary-Research or management

  11. Primary, Secondary, Tertiary, or Quaternary? Primary

  12. Primary, Secondary, Tertiary, or Quaternary? Quaternary

  13. Primary, Secondary, Tertiary, or Quaternary? Primary

  14. Primary, Secondary, Tertiary, or Quaternary? Secondary

  15. Primary, Secondary, Tertiary, or Quaternary? Tertiary

  16. Primary, Secondary, Tertiary, or Quaternary? Tertiary

  17. Primary, Secondary, Tertiary, or Quaternary? Secondary

  18. Developed Nations: • More tertiary and quaternary sector jobs • Less of primary sector jobs. United States - Labor Force by Sector: • Agriculture: 1.6% (Primary) • Industry: 19.2% (Secondary) • Services: 79.6% (Tertiary/Quaternary)

  19. Newly Industrialized Nations: • More secondary sector jobs • Even split between 3 sectors China - Labor Force by Sector: • Agriculture: 36.7% (Primary) • Industry: 28.7%(Secondary) • Services: 34.6% (Tertiary/Quaternary)

  20. Developing Nations: • Less tertiary and quaternary sector jobs • More primary sector jobs. Liberia - Labor Force by Sector: • Agriculture: 70% (Primary) • Industry: 8% (Secondary) • Services: 22% (Tertiary/Quaternary)

  21. Levels of Development Rotations • Groups of 4 • 6 groups total

  22. Warm Up MUST have textbook tomorrow! What do the languages of English, Spanish and Hindi have in common? A. they are all part of a major religious system B. they are all spoke in the same countries C. all three derive from the Afro-Asiatic language family D. all three are spoken where they are due to colonialism E. all three are in the Indo-European language family

  23. Measures of Development • GNP/GDP • Per capita • Life Expectancy • Literacy Rate • Education • Standard of Living • Birthrate Why isn’t death rate an indicator?

  24. Remember Hans? • http://www.youtube.com/watch?v=jbkSRLYSojo

  25. What is HDI...And how do I read it? • Human Development Index • Created by the UN …Mahbub ul Haq • Composed of Education, Life Expectancy, and GDP/Capita • Number from 1 to 0 (1 being greatest) • ‘‘to shift the focus of development economics from national income accounting to people centered policies.’’

  26. The Math Behind It…

  27. OECD C and E Europe Latin America East Asia Arab States South Asia Sub-Saharan Africa

  28. 2009 Human Development Index - Top 38 Countries with HDI Score

  29. 2011 UN HDI

  30. HDI • http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

  31. Criticism of HDI… • Fails to consider the environment/pollution • Redundant… we already measure this stuff • Bryan Caplan says it’s culturally biased… • It’s a measure of how Scandinavian you are…

  32. Development Game • Guess the HDI Rank! • 1= best • 187= worst

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