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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