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ECONOMIC UNDERSTANDINGS Factors that Influence Economic Growth; Natural Resources & Entrepreneurship (India, China, and Japan) Standard SS7E10: Standard SS7E10: The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan. a. Explain the relationship between investment in human capital (education and training) and GDP. Standard SS7E10: (cont.) b. Explain the relationship between investment in capital (factories, machinery, and technology) and GDP. c. Describe the role of natural resources in a country’s economy. Standard SS7E10: (cont.) d. Describe the role of entrepreneurship. Agenda Message: CDA-IV is scheduled for next Thursday March 30th (covering Governments, Economies, Specialization, Trade Barriers, Factors that Influence Economic Growth , and finally Air & Water Pollution). Standard: Explain the relationship between investment in Human Capital (education and training of workers) and in Capital (factories, machinery, technology, roads, etc.) to GDP. Essential Question for Tuesday, March 21st: What are the Four Factors that Influence Economic Growth? Warm-up: Why is specialization important to trade between countries? Today We Will: 1. Pop-Quiz on Governments of S&EA 2. Start Factors that Influence Economic Growth E.Q. Answer for Tuesday March 21st: Human Capital; (Education & Training of workers) Capital; (Factories, machinery, technology, roads) Natural Resources; (raw materials, minerals, forests, etc.) Entrepreneurs; (people who take the risks to manufacture new products or services) Warm-up Answer: Specialization is where countries produce those things that they make best and trade with other countries for the things they need. Agenda Message: Social Studies Progress Reports go home today for 3rd thru 6rh Periods. CDA-IV is this Friday. Before School Tutoring is Tues. at 7:30a. Standard: Describe the role of Natural Resources (minerals and other resources that come from the earth) and Entrepreneurship (individuals with new ideas who take the risk of starting new businesses) in a country’s economy. Essential Question: Monday March 10th: How does investment in Capital affect GDP? Warm-up: Name the four factors that influence economic growth. Today We Will: 1. Complete Factors that Influence Economic Growth 2. Start Air & Water Pollution E.Q. Answer for Monday March 10th: Investment in new factories, machinery, technology, electrical systems, roads, airports, highways and train stations allow for workers and companies to produce products more efficiently, thereby increasing GDP. Warm-up Answer: Human Capital Capital Natural Resources Entrepreneurs What Influences Economic Growth? There are four factors that influence economic growth in every country causing; 1. 2. Gross Domestic Product (GDP) to rise, as well as the Standard of Living The four factors are; 1. Human Capital (people who perform labor), 2. Capital (factories, machinery, and technology), 3. Natural Resources (raw materials that come from the land like minerals), and 4. Entrepreneurship (the ideas and risk involved in starting a business). Natural Resources Rule Natural resources have a very important role in any country’s economy. They are the fuel for industry and a source of income when exported to other countries. China The massive country of China has many natural resources including coal, iron ore, petroleum, and natural gas. Although most of China’s land cannot be farmed, the country’s abundant land and rivers provide a solid foundation for China’s industry and economic growth. India India’s fertile land and ample water supply are its most valuable resources. About half of India’s land can be farmed and its most important crops are rice and wheat. India also has large coal reserves and abundant forests. These natural resources provide India’s economy with a solid foundation for growth. Japan In contrast, Japan has little farmland and few natural resources. Japan imports the raw materials it needs for industry and quality products for export through its strong manufacturing industries. Japan has used its educated workforce and capital investment to overcome its lack of natural resources. Keep Those Ideas Coming! Entrepreneurs have a vital role to play in economic growth. They are the people with new ideas for new products and services, and they use human capital, capital, and natural resources to bring ideas to the marketplace. Entrepreneurs must be willing to take risks, and often share risks with others by borrowing money from a bank or wealthy investor to get their ideas started. Entrepreneurs are valuable because they introduce innovation and help economies adapt to the changing conditions in our world today. The rapid pace of growth and the huge population in Asian countries offer excellent opportunities for entrepreneurs. Entrepreneurship is rising dramatically in India and China. India has a particularly high rate of business owners with training and facilities, especially in rural areas. In China, private business is the fastest growing segment of the economy. China’s government helps fund small business development and welcomes investment from foreign countries. In contrast, Japan has one of the lowest rates of entrepreneurship among the world’s leading economic powers. Japanese entrepreneurs face difficulties in getting loans from banks and there is little training available on how to run a business. In addition, Japanese companies typically guarantee lifetime employment to their employees. The Japanese like this job security. They also take great pride in their position in a company and often view entrepreneurship as a risky job choice.