SS 10-1 - Chapter 12 Review

GDP is more complete than HDI because it measures more than one aspect of prosperity

The process of reducing barriers to trade

Farm subsidies are grants that keep food prices high

Based on Buddhist spiritual value as opposed to economic growth

HDI stands for:

The ______ has set up 17 Sustainable Development Goals (SDGs) for 2030

Meets people’s needs in the present without compromising the ability of future generations to meet their needs

___________ depends on the production and sale of goods on an ever increasing scale of volume and speed

What does GNH stand for?

The sale of government-owned industries and services to private businesses

The ______ economy refers to businesses and people who use knowledge, research, education, new ideas and technology

Measures the total economic output in a country.

Globalization opens borders and countries are now open to corporations and investors that come from other places.

Government-owned companies (in Canada)

The ideas of Hayek and Friedman continue to create free markets and free trade that create wealth (at least for a few)

In 1997, _______ economy shrank, the country’s largest companies closed down, and many people were thrown out of work.