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Macro #8: Standard of Living
Quality of Life: What is needed for a good quality of life? List 10+ things.
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Macro #9: Comparing Nations
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Productivity Labor productivity: how much each worker produces
Increases in productivity are due to: Technology Capital deepening: increase in amount of capital goods available per worker (more machines = more production) Educated & skilled workforce Other factors: loyalty to job, motivation of worker
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Developing Countries Poorest Nations
Developing Nations : low standard of living due to little human or physical capital What do these countries have in common?
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Problems: Traditional economies Human Resources:
Subsistence farming: grow just enough to survive, but not to trade Wealthy control cash crops: coffee, sugar, peanuts Human Resources: Lack of skilled, experienced workers Lack of education Low literacy rates
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Natural Resources: Capital Resources Little arable (productive)land
Lack of water or infrastructure to make it obtainable Lack of natural resources One crop economy: only makes 1 thing thus reliant on price of just 1 product Capital Resources Don’t have the capital to invest & can’t borrow Microloans
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Richest Countries – by GDP
Developed Countries or Industrialized Nations: highest standards of living
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GDP per capita Amount produced per person GDP per capita
Indicates the level of the standard of living BUT – cannot show if the wealth is evenly distributed With only 300,000 and rich oil reserves, Qatar is one of the richest nations on earth!
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What is a high standard of living?
Is it money or stuff? Or is a feeling of happiness or success? Happiest Countries Murder Rate
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After looking at all this data, where would you like to live? Explain.
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