Chapter 9 Quiz

In economic terms, a country that is blessed with abundant natural resources or geographic advantages that are rare or in short supply and in high demand elsewhere. Iowa may have this with corn or beans

• Simplified Advantage

• Absolute Advantage

• Minute Advantage

• Concrete Advantage

The historically contingent economic system of trade in which parties are categorized into laborers and capitalists, both of whom seek to maximize their profit/wages. Within this economic system prices, production, and wages are determined by market conditions including, but not limited to supply and demand. It is intimately tied to the industrial revolution and ensuing societal transformations in England that diffused across Europe initially and then to many other parts of the world. assumes that rational consumers seek to maximize their own utility.

• Communism

• Socialism

• Facism

• Capitalism

One of a variety of different global trading systems that seek to guarantee fair (higher) payment for producers; often with other social and environmental considerations.

• Fair Trade

• Restricted Trade

• Free Trade

• Tariff Trade

a holistic and sustainable approach to development, which balances material and non-material values with the conviction that humans want to search for happiness. The objective of GNH is to achieve a balanced development in all the facets of life that are essential for collective and individual happiness. The 4 pillars of happiness are: 1) sustainable & equitable socio-economic development; 2) environmental conservation; 3) preservation & promotion of culture; 4) good governance.

• Gross National Product

• Gross National Income

• Gross National Progress

• Gross National Happiness

GDP divided by total population.

• GDP Per Capita

• GDP Per Income

• GDP Per Capitol

• GDP Per Hapiness

Those countries generally considered to be ‘more developed’, which also fall primarily north of the Brandt line as drawn in 1980.

• Global North

• Global South

• Global East

• Global West

Defined by the United Nations, those countries with the lowest levels of combined income, human assets, and economic vulnerability. In 2015, LDC criteria was given to 48 countries, where 950 million resided and more than half earned less than $1.25/day.

• More Developed Countries

• Developed Country

• Less Developed Countries

• Highly Developed Country

A tax placed upon imports.

• Trade

• Communism

• Socialism

• Tariff

a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

• Communism

• Socialism

• Facism

• Capitalism

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

• Communism

• Socialism

• Facism

• Capitalism