Compering Economies Guiding Questions

1. How can the presence or absence of natural resources and arable land affect a nation’s economy, regardless of the type of economic system? With the presence of natural resources and arable land the economy increases. And without the presence of natural resources and arable land the economy would decrease.

2. How can life expectancy and literacy rates affect the quality of labor in the economy? If a person does not know how to read or write their life expectancy won’t be that long. Because they need a job and they would have to read and write to have a job, so they will have a work were they won’t be good paid, so they won’t have a lot of food, they won’t have a nice apartment and they won’t have a nice car, especially the food they won’t have very healthy food!

3. How can GDP per capita and poverty rates indicate standards of living in each system? If there is a high GDP per capita and a low rate of poverty there is high standard of living. And if there is a low GDP per capita and a high rate of poverty there is a low standard of living.

4. How can the size of the industrial/service sector and the agriculture employment rate indicate the level of industrialization? If there are many people working in industrial and there are few people working in agriculture there is a high level of industrialization, and if there are many people working in agriculture (crops) and a few people working on industries there is a low level of industrialization.

5. How can electricity, communication, and transportation facilities indicate the potential for industrial growth? Good facilities indicate that the country is making a lot of money so that country should means of transportation, good communication, and transportation.

6. Considering the lack of natural resources, the labor problems, and the lack of capital and little industrialization of developing countries, how can developing countries develop? (Hint: Look at Economy - Overview for Chad). The developed countries can invest the undeveloped countries. Chad is a very poor and undeveloped country, but if you see North Korea and USA they are rich, developed and powerful countries that can help undeveloped countries such as Chad and much more.

Conclusion:

Market-oriented and command nations tend to place different priorities on the role of government in the economy, with the government sector generally playing a larger role in command nations. Given their resources, market-oriented and command nations can choose to focus on increased industrialization and expansion into new markets. Developing nations, however, often lack resources necessary for industrialization and must seek aid or investment from industrialized economies in order to grow. With increased globalization, we are becoming more acutely aware of the interdependence of all nations in our world economy. (Help)