ECONOMIC DEVELOPMENT DEVELOPED NATIONS- Nations with the highest standard of living Ex. US, Japan, Canada, Australia, New Zealand

TRANSITIONAL ECONOMIES (DEVELOPING NATIONS)- Nations that have moved (or are moving) from a command economy to a market economy Ex. China, Russia, and a number of E. European countries

LESS DEVELOPED COUNTRIES (LDCs)- These countries have a lower GDP, less well developed industry, and a lower standard of living Ex. Many African, South American, and Eastern European countries

INFRASTRUCTURE- The basic support systems needed to keep an economy going including power, communications, transportation, water, sanitation, and education systems.

THERE ARE SIX STANDARDS USED TO DETERMINE ECONOMIC DEVELOPMENT

1) PER CAPITA GDP- A nation’s overall GDP divided by population Ex. GDP of the US is over $40,000 (among the highest) GDP of Tanzania (E. Africa) is $700 (among the lowest) Which continent is the least developed? Which continents have no countries in the top per capita GDP?

2) HEALTH- Infant Mortality Rate – the number of children who die within the first year of life per 1,000 live births Ex. Japan 3; Angola 185 (SW Africa) Life Expectancy – the average number of years a person could expect to live Ex. Japan 82; Angola 39 Developing nations and healthcare:

3) EDUCATION- Literacy Rate – the percentage of people over 15 that can read or write Ex. Japan – 99%; Somalia’s – 38% (NE Africa) Human Development Index (HDI) – combination of a nation’s real GDP per capita, life expectancy, adult literacy rate and student enrollment figures

Would you expect a positive or negative correlation between literacy rates and infant mortality rates? Explain.

4) ENERGY USE

5) CONSUMPTION OF GOODS AND SERVICES ELECTRICTY CONSUMPTION IN MILLION kWh What does electricity consumption tell us about the consumption of goods in each country?

6) LABOR FORCE What kind of jobs do most of a nation’s workers find themselves employed? Turn to page 550 in your textbook and read about Botswana and answer questions 1 & 2.

HOW DO LDC’s IMPACT THE GLOBAL ECONOMY? FOOD, FUEL, FINANCE IMPACTS ON DEVELOPING AND DEVELOPED COUNTRIES

A LOOK AT CENTRAL AFRICA REPUBLIC (CAR) STREET CHILDREN EVEN WITH DIAMOND MINING THE REBELS IN CAR A FAMILY IN CAR

Strengths Weaknesses Barriers to growth Current limitations Future possibilities Current conditions Potential conditions The assets that a country has (natural resources, good infrastructure, etc.) What a country is lacking (natural resources, good infrastructure, etc.) Something that is very difficult, almost impossible to overcome/change (Ex. Landlocked, corruption in the government, bad climate, etc.) Something that is standing in the way of development, but can somewhat easily be changed (Ex. Corruption in the government, infrastructure, unskilled laborers, etc.) What strengths do you think, based on your research, can be used (realistically) to help the country? (Ex. Natural resources, infrastructure, etc. What is it like to live in the country right now? What could it be like to live in this country (realistically)?

WHAT ARE THE PROBLEMS FACED BY LDC’s? therefore… WHAT ARE THE IMPACTS OF LDC’s ON THE GLOBAL ECONOMY?