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April 10, 2007
Japanese Economic Review

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Notes Below!

How did the economic miracle occur in Japan after WWII? (Japan adapted technology from other countries, highly trained their workers, and produced quality goods)
How does Japan retain their workers? (by treating them as family, businesses have gyms and activities for workers, they sing songs about work, are provided support and good training)

Who are Japan’s trading partners? (US, South Korea, China, Germany...)

JAPANESE CURRENCY IS THE YEN!

Be able to define these economic terms:(Check your handout)

Specialization: Countries specialize in making one particular product such as the Middle East oil production.
Per capita income: Average income per person
Interdependence: Nations depend on one another for goods and resources they do not have in their countries
Gross Domestic Product: Amount of goods and services that a nation produces in a year.
Trade surplus:
Globalization:

Check your answers on Essential Readings on Japan for the following questions:

How does the Japanese government pay for materials from other countries? (by manufacturing and exporting goods to other countries)
Japan’s strong economy is based on MANUFACTURING and TRADE.
Describe the standard of living in Japan. (HIGH INCOMES, SAVINGS AND MATERIAL GOODS OF THE FAMILIES ARE AMOING THE WORLD'S LARGEST)
Describe the mineral resources in Japan and explain the steps Japan must take in order to meet their country’s need for minerals. (TIN, ZINC, LIMESTONE, MANGANESE, COAL, COPPER, LEAD BUT NOT ENOUGH TO MEET NEEDS SO THEY IMPORT OIL, COAL, LEAD AND ALUMINUM) You do not need to name the minerals...just understand there is a shortage so they import.
How has agriculture in Japan changed since 1950? FARMERS USED TO MAKE UP 45% OF WORKERS, NOW THEY REPRESENT ONLY 6%.
Explain how Japan meets its energy needs. (OIL AND COAL ARE IMPORTED, JAPAN BUILT NUCLEAR PLANTS)
Describe the fishing industry in Japan. (SEAFOOD IS THE PROTEIN IN JAPANESE DIETS, AND JAPAN IS ONE OF THE MOST IMPORTANT FISHING NATIONS IN THE WORLD.)
What are Japan’s most important manufactured goods? (CARS, TRUCKS, SHIPS,ELECTRONICS, COMPUTERS)
Identify some secondary products. (PLASTICS, TEXTILES, STEEL, TIRES, PRECISION INSTRUMENTS, ETC.)
Describe the service industries in Japan. (JAPAN'S WORKERS ARE HIGHLY EDUCATED AND WELL PAID AND WORK AS ENGINEERS, TEACHERS, ACCOUNTANTS, LAWYERS, FINANCIAL ANALYSTS, ETC)
Evaluate the importance of trade in Japan and explain your answer. (TRADE IS ONE OF THE MOST IMPORTANT ASPECTS OF THE JAPANESE ECONOMY BECAUSE SELLING HIGH QUALITY GOODS ALLOWS JAPAN TO BUY THE RAW MATERIALS IT NEEDS TO RUN ITS BUSINESSES)

Posted by Mrs. Glenn

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