STANDARDS: SS6E9 Describe factors that influence economic growth and examine their presence or absence in the United Kingdom, Germany, and Russia. Evaluate.

STANDARDS: SS6E9 Describe factors that influence economic growth and examine their presence or absence in the United Kingdom, Germany, and Russia. Evaluate how literacy rates affect the standard of living. Explain the relationship between investment in human capital goods (education and training) and gross domestic product (GDP per capita). Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP per capita). Describe the role of natural resources in a country’s economy. Describe the role of entrepreneurship. © Brain Wrinkles

Factors of Economic Growth
Capital Goods Natural Resources Productive Resources GDP Investment in capital goods typically leads to an _________________________ . This __________________________ and its gross domestic product. Investment in better machines, updated factories, and new technology leads to __________________________ being produced. Some examples of capital goods include factories, machinery, __________________________ , buildings, tools, etc. The more a country invests in its capital goods, the __________________________ and higher the GDP. Capital goods are the __________________________ that are needed to produce goods and services. They play an important role in a country’s economy because they are fuel for industry and are a source of __________________________ to other countries. Natural resources are the materials that __________________________ , such as land, forests, minerals, water, etc. The __________________________ of productive resources are natural resources, human capital, capital goods, and entrepreneurship. Productive resources are the __________________________ used to create goods and services. A nation’s __________________________ determine the strength of its economy. Countries with a higher GDP per capita have stronger economies, while countries with lower GDP per capita have __________________________ . GDP is often measured as “GDP per capita” (__________________________ ). Some countries have a high GDP, while __________________________ . A country’s GDP is the total dollar value of all __________________________ in one year. Economists __________________________ of a country’s economy by its gross domestic product (GDP). © Brain Wrinkles Factors of Economic Growth CLOZE Notes 1

Entrepreneurship Literacy Human Capital Some countries encourage entrepreneurship by trying to __________________________ and expense. There is no guarantee of success, and if the business fails, they __________________________ . It is risky and expensive to be an entrepreneur because they often __________________________ (or borrow it) to start their business. They help the economy grow by opening new businesses and developing new products, which __________________________ . Entrepreneurs come up with __________________________ for goods or services and then they use natural resources, capital goods, and human capital to bring those ideas to life. A country that improves the literacy rate among its citizens will also improve the standard of living and economy. With a better salary, you can improve your __________________________ . If you can read, you can learn and improve your work skills to get a better job that __________________________ . __________________________ workers are an important factor in a country’s economic growth. Countries with high literacy rates enjoy a high standard of living (the level of wealth and __________________________ available). A country’s literacy rate is the percentage of adults who __________________________ . Education also improves a country’s __________________________ . In order to have long-lasting economic growth, a country must have a smart, __________________________ Investments in human capital, such as __________________________ and professional training programs are a great way for a country to improve its GDP. For example, doctors, teachers, and factory workers all have a __________________________ and they each help to produce different goods or services. It takes different kinds of human capital to make __________________________ of goods and services. Countries need __________________________ to fill jobs within the economy. Some of a country’s most important resources are __________________________ . An entrepreneur is someone who takes risks to __________________________ . © Brain Wrinkles Factors of Economic Growth CLOZE Notes 2

Human Capital Natural Resources Europe GDP FACTORS OF ECONOMIC GROWTH IN EUROPE Colleges and vocational schools __________________________ to be productive members of the workforce. Both countries provide public education and they have a __________________________ . Germany and the United Kingdom have both made strong __________________________ . __________________________ is a major industry in the UK. Because of its fertile soil, Germany is best suited for producing __________________________ . The availability of natural resources in a country greatly affects which __________________________ there. __________________________ countries tend to have a higher GDP and standard of living than countries in Eastern Europe. This has caused the countries in Europe to have a __________________________ and a high standard of living. Many European nations have __________________________ that produce valuable goods and services. United Kingdom Germany Russia United Kingdom Russia Germany Country GDP per Capita © Brain Wrinkles Factors of Economic Growth CLOZE Notes 3

Entrepreneurship Today Russia Capital Goods The __________________________ of entrepreneurship than Germany and Russia. In recent years, several countries have begun encouraging entrepreneurship by lowering taxes, decreasing the time it takes to start a business, and __________________________ . __________________________ and strict business regulations have lowered overall business freedom in many European countries. For the most part, entrepreneurial activity is __________________________ than in the US, Latin America, and Australia. If a country’s government imposes a __________________________ on businesses, it can be really hard on an entrepreneur. An entrepreneur is someone __________________________ in order to start a new business. Even though Russia’s economy has improved dramatically, its GDP per capita __________________________ than the other industrialized European nations. Since the collapse of the Soviet Union, Russia has begun __________________________ of dollars to update its factories and technology and to train its workforce. Unemployment became a major problem that has led to __________________________ for the country. Despite having a literacy rate of 99%, much of the workforce was untrained and __________________________ needed to boost the economy. As a result, Russia has been left with old factories and __________________________ . Under Communist rule, the government __________________________ money into capital goods or human capital. Since the fall of the Soviet Union in 1991, Russia has suffered many __________________________ . Investments in capital goods and human capital have contributed to __________________________ in Germany and the UK. Each year, they invest billions of dollars into new technology, __________________________ , and maintaining infrastructure. Germany and the United Kingdom are also good examples of how __________________________ can lead to economic strength. © Brain Wrinkles Factors of Economic Growth CLOZE Notes 4

Natural Resources, Capital Goods, Human Capital, & Entrepreneurship
Ame Europe’s Factors of Economic Growth Natural Resources, Capital Goods, Human Capital, & Entrepreneurship © Brain Wrinkles

GDP Economists measure the health of a country’s economy by its gross domestic product (GDP). A country’s GDP is the total dollar value of all goods and services produced in one year. Some countries have a high GDP, while others do not. © Brain Wrinkles

GDP GDP is often measured as “GDP per capita” (per person).
Countries with a higher GDP per capita have stronger economies, while countries with lower GDP per capita have weaker economies. A nation’s productive resources determine the strength of its economy. © Brain Wrinkles

Productive Resources Productive resources are the materials and labor used to create goods and services. The four main categories of productive resources are natural resources, human capital, capital goods, and entrepreneurship. © Brain Wrinkles

Natural Resources Natural resources are the materials that come from nature, such as land, forests, minerals, water, etc. They play an important role in a country’s economy because they are fuel for industry and are a source of income when exported to other countries. © Brain Wrinkles

Timber Logs © Brain Wrinkles

Capital Goods Capital goods are the man-made materials that are needed to produce goods and services. The more a country invests in its capital goods, the stronger its economy and higher the GDP. Some examples of capital goods include factories, machinery, technology, buildings, tools, etc. © Brain Wrinkles

Capital Goods Investment in better machines, updated factories, and new technology leads to more goods and services being produced. This boosts a country’s exports and its gross domestic product. Investment in capital goods typically leads to an increase in GDP. © Brain Wrinkles

Human Capital Some of a country’s most important resources are its people. Countries need skilled workers to fill jobs within the economy. It takes different kinds of human capital to make different kinds of goods and services. For example, doctors, teachers, and factory workers all have a different set of skills and they each help to produce different goods or services. © Brain Wrinkles

Human Capital Investments in human capital, such as education and professional training programs are a great way for a country to improve its GDP. In order to have long-lasting economic growth, a country must have a smart, highly-skilled workforce. Education also improves a country’s standard of living. © Brain Wrinkles

Literacy A country’s literacy rate is the percentage of adults who can read and write. Countries with high literacy rates enjoy a high standard of living (the level of wealth and material comfort available). Educated and skilled workers are an important factor in a country’s economic growth. © Brain Wrinkles

Literacy If you can read, you can learn and improve your work skills to get a better job that pays a higher salary. With a better salary, you can improve your standard of living. A country that improves the literacy rate among its citizens will also improve the standard of living and economy. © Brain Wrinkles

Entrepreneurship An entrepreneur is someone who takes risks to start a new businesses. Entrepreneurs come up with fresh ideas for goods or services and then they use natural resources, capital goods, and human capital to bring those ideas to life. They help the economy grow by opening new businesses and developing new products, which creates more jobs. © Brain Wrinkles

Talk Show Host & Medial Mogul – Oprah Winfrey
© Brain Wrinkles

Entrepreneurship It is risky and expensive to be an entrepreneur because they often invest their own money (or borrow it) to start their business. There is no guarantee of success, and if the business fails, they could lose money. Some countries encourage entrepreneurship by trying to reduce the risk and expense. © Brain Wrinkles

Factors of Economic Growth in
EUROPE © Brain Wrinkles

GDP Many European nations have industrialized economies that produce valuable goods and services. This has caused the countries in Europe to have a high GDP per capita and a high standard of living. Western European countries tend to have a higher GDP and standard of living than countries in Eastern Europe. © Brain Wrinkles

Europe GDP per Capita France $41,180 Germany $46,893 Italy $35,708
Russia $25,410 Spain $34,819 Ukraine $7,970 United Kingdom © Brain Wrinkles

Natural Resources United Kingdom Germany Russia Coal Forests Iron ore
Diamonds Oil Fertile soil Fish Natural gas Natural Harbors Rivers Gold © Brain Wrinkles

Russian Diamond Mine © Brain Wrinkles

Natural Resources The availability of natural resources in a country greatly affects which industries develop there. Because of its fertile soil, Germany is best suited for producing agricultural goods. Shipping and fishing is a major industry in the UK. © Brain Wrinkles

Largest Organic Farm in Germany
© Brain Wrinkles

Human Capital Germany and the United Kingdom have both made strong investments in human capital. Both countries provide public education and they have a 99% literacy rate. Colleges and vocational schools train citizens to be productive members of the workforce. © Brain Wrinkles

Capital Goods Germany and the United Kingdom are also good examples of how investments in capital goods can lead to economic strength. Each year, they invest billions of dollars into new technology, updating factories, and maintaining infrastructure. Investments in capital goods and human capital have contributed to high GDP per capita in Germany and the UK. © Brain Wrinkles

Russia Nce teh Since the fall of the Soviet Union in 1991, Russia has suffered many economic hardships. Under Communist rule, the government did not invest much money into capital goods or human capital. © Brain Wrinkles

Russia Nce teh As a result, Russia has been left with old factories and outdated technology. Despite having a literacy rate of 99%, much of the workforce was untrained and lacked the skills needed to boost the economy. Unemployment became a major problem that has led to slow economic growth for the country. © Brain Wrinkles

Today Nce teh Since the collapse of the Soviet Union, Russia has begun investing billions of dollars to update its factories and technology and to train its workforce. Even though Russia’s economy has improved dramatically, its GDP per capita still remains lower than the other industrialized European nations. © Brain Wrinkles

Entrepreneurship An entrepreneur is someone who takes risks in order to start a new business. If a country’s government imposes a lot of regulations on businesses, it can be really hard on an entrepreneur. For the most part, entrepreneurial activity is lower in Europe than in the US, Latin America, and Australia. © Brain Wrinkles

Entrepreneurship High taxes and strict business regulations have lowered overall business freedom in many European countries. In recent years, several countries have begun encouraging entrepreneurship by lowering taxes, decreasing the time it takes to start a business, and loosening regulations. © Brain Wrinkles

Starting a new business takes… Overall Business Freedom
Entrepreneurship The UK has a higher level of entrepreneurship than Germany and Russia. United Kingdom Germany Russia Starting a new business takes… 5 days 11 days 10 days Overall Business Freedom 90% 86% 74% © Brain Wrinkles

STANDARDS: SS6E9 Describe factors that influence economic growth and examine their presence or absence in the United Kingdom, Germany, and Russia. Evaluate.

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STANDARDS: SS6E9 Describe factors that influence economic growth and examine their presence or absence in the United Kingdom, Germany, and Russia. Evaluate.

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Presentation on theme: "STANDARDS: SS6E9 Describe factors that influence economic growth and examine their presence or absence in the United Kingdom, Germany, and Russia. Evaluate."— Presentation transcript:

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