Changing Economic Worlds

Question 1

Is ‘happiness’ an indicator of development?

Answer 1

Happiness and development have correlation not causation. It’s a factor that contributes to a countries development as it shows quality of life such as public services. An anomaly to this would be Portugal, because they are developed yet still have a low happiness score.

Question 2

Define development

Answer 2

‘the process of a country increasing its wealth and improving its standard (quality) of living’

Question 3

What are the 4 basic needs for human existence?

Answer 3

1. Access to nutritious food
2. Access to clean water
3. Shelter
4. Warm clothing

Question 4

Absolute and relative poverty difference?

Answer 4

Absolute Poverty: these are people who do not have enough money to buy basic necessities of life such as food, clothing and shelter. Normally, less than 1.5 dollars a day…

Relative poverty: this means that a person is poor when their standard of living is compared with that of the average person living in the same country.

Question 5

Standard of living and Quality of life

Answer 5

QoL= the wide range of human needs that should be met alongside income growth.

SoL= the degree of wealth and material comfort available to a person or community.

Question 6

Employment structure

Answer 6

Divided bar chart:
Primary: raw materials
Secondary: making things with the raw materials
Tertiary: service
Quaternary: tech and pharmaceuticals