Download Economic Freedom

Economic Freedom
1. ______________________
Refers to the freedom of people to make their own economic decisions, such as:
________________________________________________________________
2. ______________________
The level of wealth, comfort, materials and necessities available.
What does our standard of living look like?
3. ______________________________
Total value of _______________________________ produced in a country in a
year.
4. _______________________
GDP divided by: ____________________________
5. Infant Mortality
6. Literacy Rate
7. Poverty Line
8. Development
Conditions of a country in terms of knowledge and technology
Developed
Developing
9. Types of Industries
Type of Industry
What They Do
Primary
Collect and produce raw
materials
Secondary
Manufacture products
Tertiary
Provide Services
Economic Freedom
Example
1. Economic Freedom
Refers to the freedom of people to make their own economic decisions such as:
Changing jobs or opening businesses.
2. Standard of Living
The level of wealth, comfort, materials and necessities available.
What does our standard of living look like?
Think of the clothes you own, cars people drive, houses people live in
3. Gross Domestic Product
Total value of goods and services produced in a country in a year.
4. Gross Domestic Product Per Capita (GDP Per Capita)
GDP divided by: population
5. Infant Mortality
The number of babies who die out of every 1,000 born. Demonstrates quality of
health care.
6. Literacy Rate
The percent of people over the age of 15 who can read and write. Demonstrates
quality of education.
7. Poverty Line
The minimum level of income required to survive. Varies from country to country.
The % of people who make less than this amount is the poverty rate.
8. Development
Conditions of a country in terms of knowledge and technology
Developed
Developing
Low infant mortality rate
High infant mortality rate
High literacy rate
Low literacy rate
High GDP
Low GDP
Urban
Rural
Most people employed in services or
manufacturing.
Most people employed in agriculture.
9. Types of Industries
Type of Industry
What They Do
Example
Primary
Collect and produce raw
materials
Fisherman catches fish
Secondary
Manufacture products
A butcher would cut and
debone the fish.
Tertiary
Provide Services
A restaurant would sell the
fish to you