Module 4: The Economics of Globalization
Geographic location and prosperity
What is the relationship between quality of life and prosperity?
Prosperity can be measured by the level of poverty that exists in a country. A country that is prosperous tends to have a lower level of poverty among its citizens. This type of data is collected and presented in the annual United Nations Human Development Index
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poverty: a condition where an individual is lacking in the financial and material possessions necessary for an adequate quality of life United Nations Human Development Index: an indicator of the human development of a country based on a measure of the extent of opportunities for citizens to education, health care, income, employment, life expectancy, and gross domestic product |
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Reflection
Please complete this activity -it is not for marks but should be completed.
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low development: a measure of the quality of life based on the rate of gross domestic product, life expectancy, and education
This ranking describes a country that has a low domestic product, low life expectancy, and low literacy rate.
World Bank: an organization made up of 185 countries that provides financial assistance to developing countries
first world country: a country with the infrastructure, resources, and economy capable of engaging in a range of industries, including tertiary and quaternary industries (production and services) to generate a high gross national income and offer a high standard of living to its citizens; another name for a developed country
second world country: a country that is beginning to move from an agriculturally based economy to an industrialized one; another name for a developing country
third world country: a country that continues to have economies that are primarily agricultural and have yet to transition to an industrialized economy; another name for less-developed country
developed country: a country with the infrastructure, resources, and economy capable of engaging in a range of industries, including tertiary and quaternary industries (production and services) to generate a high gross national income and offer a high standard of living to its citizens
developing country: a country that has an economy that is primarily resource based and has a relatively low standard of living for its citizens
less- or least developed country (LDC): a country lacking the infrastructure, resources, and economy capable of engaging in a range of industries to promote a strong economy to contribute to an adequate quality of life for its citizens
The economy is often based on a resource industry and lacks the ability to expand to manufacturing and/or service industries.
industrialized: a term used to describe a developed country or first world country; a country with the infrastructure, resources, and economy capable of engaging in a range of industries, including tertiary and quaternary industries (production and services) to generate a high gross national income and offer a high standard of living to its citizens
non-industrialized: a term used to describe less-developed countries that have not developed beyond resource-based economies
These countries often lack the resources and infrastructure to create their own manufacturing industries.
north: reference to the location of a country north of the equator
south: reference to the location of a country south of the equator |
Write a statement about the relationship between geographic location and prosperity. Can you suggest two key factors other than geographic location that support why countries in the Northern Hemisphere generally are the most prosperous?