Pick up the new warm up/exit ticket sheet by the turn-in tray Briefly describe “brain drain”...
-
Upload
tracy-wood -
Category
Documents
-
view
216 -
download
0
description
Transcript of Pick up the new warm up/exit ticket sheet by the turn-in tray Briefly describe “brain drain”...
Today’s Warm Up
Pick up the new warm up/exit ticket sheet by the turn-in tray
Briefly describe “brain drain” and provide one pro and one con.
Why Some Nations Are Rich … and Some Are Poor
Today’s LEQ: How does international free trade stimulate economic growth?
Intro…
Debate on globalization often centers on why some nations are rich while others stay poor Wealth impacts standard of living!
Key to economic prosperity = long-term economic growth
So…………………
What then…………………
… explains the differences among nations in long-term economic growth???
Key to Economic Growth? High investment in physical and
human capital Greater economic freedom
Lower taxes Fewer gov’t regulation Sound monetary policy Private property rights Decentralized decision-making (in most
economic sectors)
Key to Economic Growth? Strong incentives to save, invest,
and increase productivity Competitive markets Low inflation Political stability***Free trade***
Activity 1
In groups of 3, you will guess the nations based on the data provided then rank them from richest to poorest.
Be prepared to report your findings to the class & explain why you ranked the countries as you did.
From Rich to Poor…
Singapore (E) Japan (B) Argentina (A) Russia (D) Nigeria (C)
Think…
How can some nations with few natural resources, such as Japan and Singapore, be relatively wealthy?
How can other nations with vast amounts of natural resources, such as Nigeria and Russia, be relatively poor?
Natural Resources Paradox Natural resources does contribute to
economic success but… Many nations have enjoyed vast
economic success with relatively few resources & vice versa
Think: What other factors may come into play when it comes to a country’s economic success?
Free Trade
The highest income nations are heavily involved in world trade
Trade leads to specialization (countries focus on production and export of g/s they can produce at lowest opp. cost)
Specialization leads to greater productivity and prosperity!
Prosperity = higher standard of living!!!!WOOHOO!!!
Today’s Exit Ticket
Answer on your warm up/exit ticket sheet:
How important are natural resources to a nation’s wealth?