7 Questions
What is the Clark-Fisher model?
A model explaining how countries develop economically
What are some factors that contribute to the changing importance of economic sectors in a country?
Location changes, depletion of raw materials, and technological advances
What is an example of a new industry created by technological advances?
High-tech industries
What is globalization?
The process of countries becoming more interconnected and dependent on each other
How might governments intervene in the economy?
By supporting certain sectors or compensating for job losses
What impact has mechanization had on the economy?
It has reduced demand for labor in agriculture and manufacturing
How have advances in transport and communication technology affected the world?
They have reduced the friction of distance and made places closer
Study Notes
- The Clark-Fisher model explains how economic sectors change in importance as a country develops.
- This is due to factors such as location changes, depletion of raw materials, and technological advances.
- Technological advances have created new industries and products, such as high-tech industries and smart devices.
- Globalization has led to countries becoming more interconnected and dependent on each other.
- Governments may intervene in the economy to support certain sectors or compensate for job losses.
- Mechanization has reduced demand for labor in agriculture and manufacturing, leading to a shift to the tertiary sector.
- Advances in transport and communication technology have reduced the friction of distance and made places closer.
- Globalization allows countries to focus on their economic strengths and participate in international trade.
- Kenya grows fresh produce for European markets, South Korea exports competitively-priced cars, and India has international call centers.
- China has focused on expanding the secondary sector and producing goods for the global market.
Test your knowledge of the Clark-Fisher model and economic sector changes with this quiz. Explore how technological advances, globalization, government intervention, and mechanization have impacted economic sectors. Learn about the role of transportation and communication technology in reducing distance and enabling international trade. Discover how different countries have focused on their economic strengths to participate in the global market. Use keywords such as economic sectors, technological advances, globalization, government intervention, and international trade to master the quiz.
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