Economics : Discussion Questions

Running head: ECONOMIC 251 DISCUSSION QUESTIONSEconomic 251 Discussion QuestionsStudent NameInstitution AffiliationDate1ECONOMIC 251 DISCUSSION QUESTIONS2Quiz 1.Kuwait and Saudi Arabia have low-income levels due to poor economic development. Thecountries which have not established clear strategies on development are likely to face constraintin improving the standard of their people. Poor economic growth affects the balance of paymentand causes the country to be poor ranked on global economic index. Kuwait and Saudi Arabiahave not developed inclusive financial institutions.Quiz 2An industrial revolution is a form of transition to a new process in manufacturing and productionindustries. Income gaps are reduced through the introduction of a new manufacturing processwhich is more efficient than old machines deemed outdated. Industrial revolution helped peopleto gain financial freedom by engaging in production activities. Employment opportunities helpedto bridge the gap in the level of income by distributing wealth across people.Quiz 3Geography hypothesis is assumptions concerning disparity in income distribution in some regionof the country. There are regions which are deemed super rich hence developed while other areasare poorly developed thus causing income gaps.4. QuizThe logic which the author uses to address the issue of Geographical hypothesis is to createbalanced scorecard in which there is an equal distribution of resources in all region w ...


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