22 Growing Economies Flashcards
Define developed economies
refers to a country with a high level of economic development
Define developing economies
developing economy refers to a country with a lower level of economic development
Define emerging economies
refers to a country transitioning from a developing economy to a more developed one
Define disposable income
the amount of money a household has available to spend and save after taxes
Define income elastic
when the % change in demand for a product is proportionately GREATER than the percentage change in income
Define primary sector
the area of production involving the extraction of raw materials from the earth
Define the secondary sector
the production of raw materials into finished goods
Define the tertiary sector
the production of services in the economy
Define unemployment
the number of people who are not in work but are seeking a job
Define GDP and formula
Gross Domestic Product is a measure of economic activity
total output/number of people in the country
Define HDI
Human Development Index combines the factors of life expectancy, education and income to determine the quality of development of citizens within a country.
Define GNI
Gross National Income calculates the overall income of a population in a country
Define PPP$
The rates of currency conversion that adjust the purchasing power of different currencies by excluding the differences in price levels between countries
Define literacy rate
the % of adults over 15 who can read and write
Define employment
people in paid work
