About This Chapter
Virginia SOL-World Geography: Economic Development - Chapter Summary
You will use the lessons in this chapter to review domestic and global economic topics that you will be expected to know for the Virginia SOL World Geography exam. You will review activities, processes and patterns that impact economic development. Your firm knowledge of these topics will be reflected by your ability to:
- Explain factors determining productivity
- Define economic growth and how it is measured
- Describe Gross Domestic Product and its effect on the standard of living
- Detail purchasing power and the Human Development Index
- Provide details about the regulation of different economies around the world
- Summarize the five stages of economic development
- Relate the characteristics of Newly Industrialized Countries
- Examine economic globalization
- Understand the law of comparative advantage
- Illustrate facts about specialization and trade gains
- Discuss information about economic unions
You can use our lessons by watching entire videos, jumping to specific points in the lessons to address only topics you need to review or printing and using lesson transcripts as reference tools. You can also ask instructors questions and take self-assessment quizzes that will evaluate your knowledge of the material and your readiness in answering these types of questions on the Virginia SOL World Geography exam.
1. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
2. Economic Growth: How to Raise a Nation's Potential Output
Learn the truth about long run economic growth, including how economists define and illustrate an increase in the potential output of a nation through change in real GDP.
3. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
4. How Real GDP per Capita Affects the Standard of Living
Have you ever wondered why some countries are better off than others? In this lesson, explore the concept of real GDP per capita, an economic measure of a nation's standard of living, and discover how population, productivity, and the savings rate effect the standard of living.
5. What is Purchasing Power? - Definition & Parity Theory
In this lesson, we'll be looking at purchasing power, which is used for computing the value of currency. After the lesson, you can test your knowledge with a short quiz.
6. What Is the Human Development Index? - Definition & Explanation
Want to know where your country ranks in development? In this lesson, you'll learn about the United Nations' Human Development Index and some of its key components. A short quiz follows.
7. Global Regulation of Domestic Economic Activity & Wealth
This lesson will explain how different domestic economies are regulated. In doing this, it will explain traditional, market, command, and mixed economy systems as well as subsistence living and communism.
8. Five Stages of Economic Development
Countries and their economies develop at different rates, depending on a number of factors. In this lesson, we'll discuss Rostow's five levels of economic development and look at other systems used to track economic development.
9. Newly Industrialized Countries: Characteristics & Sectors of Production
In this lesson, explore some nations that have made substantial economic progress over the last few decades. Examine some of these newly industrialized countries and learn about their main characteristics and sectors of production.
10. The Global Economy: Advantages, Expansion & Impact
This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'
11. Comparative Advantage: Definition and Examples
Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.
12. Gains From Trade and the Benefit of Specialization
Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.
13. Global Patterns & Networks of Economic Unions
Historical patterns of trade between the developed and undeveloped parts of the world changed abruptly in the '90's. We will explore the reasons why, one of which was the rise of large trading blocs or economic unions like the European Union and NAFTA.
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Other chapters within the Virginia SOL - World Geography: Test Prep & Practice course
- Virginia SOL - World Geography: Studying Geography
- Virginia SOL - World Geography: Earth's Weather & Environment
- Virginia SOL - World Geography: Regional Geography
- Virginia SOL - World Geography: Languages & Religions
- Virginia SOL - World Geography: Cultural Identity
- Virginia SOL - World Geography: Human Geography
- Virginia SOL - World Geography: Political Geography
- Virginia SOL - World Geography: Urban Geography
- Virginia SOL - World Geography: Economic Geography
- Virginia SOL - World Geography Flashcards