Industry In The Developing World NIC’s: South Korea.

Slides:



Advertisements
Similar presentations
Taiwan South Korea Hong Kong Singapore
Advertisements

Economic Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up.
Geography Department, St. Michael’s School Industry.
Economies of Scale and Comparative Advantage
Three Economic Systems Notes
Economic Understandings To play the game, go to the next slide and click on an underlined point value to go to a question. To go to final Wrap-Up click.
Development and Health Differences NICs and Asian Tiger Economies [Date] Today I will: - Learn about what NICs are and be able to explain the rapid industrialisation.
A LOOK AT Taiwan’s state Policy 1950-PRESENT Presented by: Adeesha Hack March 16, 2000.
SOUTHWEST ASIA (Middle East)
ASIA ECONOMIC UNDERSTANDINGS Four Basic Economic Systems
Canadian History 1201 THE ECONOMY.  Natural Resources and Foreign Trade were important parts of Canada’s economy  There was a shift to include a stronger.
Concept: Production – Distribution - Consumption
Bell Ringer Answer the following questions in a short paragraph: 1.What is the condition of the US economy right now? 2.Why is it in this condition? 3.How.
Southwest Asia The Middle East
Trade Policies for Developing Countries
SOUTHERN AND EASTERN ASIA Economic Understandings.
ECONOMIC UNDERSTANDINGS Four Basic Economic Systems (India, China, Japan, North & South Korea) STANDARD: SS7E8a.b STANDARD: SS7E8a.b.
1 Revision part 2. 2 What did we study? 1. Economic activity – about job types 2. Why are factories where they are? 3. Why are there so many new Factories.
Secondary industries in developing countries Definition of secondary industries.
The Developing World.
“Newly Industrializing”. High Poverty, Low GNP, Trade Dependency, Weak Infrastructure.
Development 2.0. Measurements of Development HDI Life Expectancy Literacy Education Standard of living Employment Income Technology Raw Materials Gender.
Jeopardy Industrial Revolution Types of Industry Natural Resources Location, Location Location Odds and Ends Q $100 Q $200 Q $300 Q $400 Q $500 Q $100.
Newly Industrialised Countries
Copyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/a International Trade and Investment by John Gionea Slides prepared by John Gionea Chapter 15: Doing.
14 September 2015 Economic Development 5 – NIC’s and the Four Tigers.
Key Points Growth models suggest how growth has occurred in the past. Growth strategies are economy policies and measures aimed at increasing GDP. Development.
World Economic Activity. 1. Primary Activities - economic activities that rely upon natural resources - examples: fishing, farming, mining, forestry -
Objective 3 Flashcards By Paul Sampson.
Voluntary Trade SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East). a. Explain how specialization.
SS6E1 The student will analyze different economic systems. SS6E2The student will give examples of how voluntary trade benefits buyers and sellers in Latin.
Middle East Economics Pop Quizzes.
ECONOMICS IN SOUTHWEST ASIA
NICs Question and Answers. 1.What does industrialisation mean? 2.What are NICs? 3.Which countries are NICs? 4.Which countries are the Tiger Economies?
Economic Terms Copy for your notes!. Economy System by which products are produced, distributed, and consumed. Think: MONEY!!!
Economic Activities. Primary ActivitiesSecondary Activities Tertiary ActivitiesQuaternary Activities.
Chapter 4 Globalization in Asia. Paragraph 5 Japan and other tigers The economy in South East Asia is “booming The economy in South East Asia is “booming”
Development Key Issue #4: “Why do less developed countries face obstacles to development?”
SS7E5 The student will analyze different economic systems.
1.1 Nature of Business Activity. Functions of Business Marketing Finance Human Resource Management Operations Management Relationships between them.
Economic Geography People earning a living Economic Systems 4 money making activities: primary, secondary, tertiary & quaternary activities. 4 money.
ECONOMIC UNDERSTANDINGS Four Basic Economic Systems (India, China, Japan, North & South Korea) STANDARD: SS7E8a.b STANDARD: SS7E8a.b.
Economics is the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. There.
ECONOMICS IN SOUTH AND EAST ASIA
Modern World Economic Issues Unit 20. NORTH – highly industrialized – high literacy rate – high standard of living SOUTH – industry not yet developed.
III. Economies of East Asia. A. Economies of East Asia East Asia has some of the richest economies in the world today United States buys many of its goods.
SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East)
How do the countries of India, China, Japan, and North Korea answer basic economic questions?
 Economic system based on free enterprise in which businesses are privately owned, and production prices are determined by supply and demand.
Models of Development Rostow, Self-Sufficiency, and International Trade Approach.
Economics. Economic Basics Vocabulary: Economics: Study of how people meet their wants and needs Scarcity: Having a limited quantity of resources to meet.
Four Questions of Economic Geography What and how much are you going to make? Product Economy of scale The more you make of a G/S the cheaper it is to.
SOUTHWEST ASIA (Middle East) Economic Understandings.
1. Low living standards 2. Low levels of labour productivity 3. High rate of population growth 4. Economic structure dominated by primary sector production.
Which is the best? GEOGRAPHY.LEARNONTHEINTERNET.COM
Taiwan South Korea Hong Kong Singapore
1.1 Nature of Business Activity
Department of Economics
GLOBALISATION.
ASIA ECONOMIC UNDERSTANDINGS Four Basic Economic Systems
Globalization.
SOUTHWEST ASIA (Middle East)
Brain Jogger Just using what you know about China, India, Japan, and North Korea, rank the following country’s economies on the continuum. Pure Command.
NEWLY INDUSTRIALIZING COUNTRIES
The Globalization of Industry
NICs Question and Answers.
ASIA ECONOMIC UNDERSTANDINGS Four Basic Economic Systems
Resources, Technology, and World Trade
Resources and Trade.
Development Key Issue #4: “Why do less developed countries face obstacles to development?”
Presentation transcript:

Industry In The Developing World NIC’s: South Korea

NIC’s There are a number of countries around the world that can be accurately described as Newly Industrialised Countries (NIC's). They all share the same characteristics, and one of the best examples is South Korea. South Korea is one of the countries in south- east Asia described as being part of the Tiger Economies.

NIC Characteristics An increasing exporter to the world market, usually by copying existing products and then re-producing them for a much cheaper price. Rapid growth in the manufacturing sector, which results in far more exports and a rapidly rising GDP.

3 Stages There are three stages to the development of an NIC, from its traditional society to a developed world society. The time frame for the whole process can be as little as 30 years.

Traditional Society Most industry is labour intensive, concentrating on small cottage-style traditional industries, using local raw materials. Examples could include food processing or textile manufacture. Often, the majority of people are still in the primary sector, doing things such as farming. There is little technology and most people have very little money. Most products are imported from abroad, meaning that the country is relying on other for many of its needs.

Import Substitution Industries The country decides to promote its own industries. New companies copy products from well-known companies, and then make them for a far cheaper price. The country operates a strict regime of trade tariffs and high taxes for any similar products being imported into the country. This is aimed at protecting their own companies whilst they grow. Example industries are car manufacture, computer manufacture and the manufacture of other electrical goods, such as hi-fi's.

Export Orientated Industries Once the new companies have become established in their own country they are unleashed upon the world market. These industries are now capital intensive, using high technology and aimed at making a big profit. The GDP of the country starts to rocket, often growing at well over 5% per year, which is an amazing rate. The country is now described as being an NIC.