Changing Economic World Flashcards
What is economic development?
Economic development refers to the improvement of economic well-being and quality of life in a country.
True or False: GDP stands for Gross Domestic Product.
True
Fill in the blank: A country with a high GDP per capita is often considered to be _____.
wealthy
What does the term ‘emerging economy’ mean?
An emerging economy is a nation with social or business activity in the process of rapid growth and industrialization.
Which continent has the highest number of emerging economies?
Asia
What is the difference between MEDCs and LEDCs?
MEDCs are More Economically Developed Countries, while LEDCs are Less Economically Developed Countries.
True or False: The Human Development Index (HDI) includes life expectancy, education, and income.
True
What is a primary sector in economic activities?
The primary sector involves the extraction of natural resources, such as agriculture and mining.
Which sector involves manufacturing and industry?
Secondary sector
Fill in the blank: The _____ sector includes services like healthcare, education, and finance.
tertiary
What is globalization?
Globalization is the process by which businesses or other organizations develop international influence or operate on an international scale.
True or False: Foreign Direct Investment (FDI) is when a company invests in another country.
True
What is one benefit of globalization?
Increased access to markets and resources.
What does ‘urbanization’ mean?
Urbanization is the increase in the population of people living in urban areas.
What is a megacity?
A megacity is an urban area with a population of over 10 million people.
True or False: Urban areas usually have a higher standard of living compared to rural areas.
True
What is a ‘trade bloc’?
A trade bloc is a group of countries that have agreed to reduce or eliminate trade barriers among themselves.
Name one example of a trade bloc.
European Union (EU)
What is ‘sustainable development’?
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
True or False: Renewable energy is a part of sustainable development.
True
What is a ‘trans-national corporation’ (TNC)?
A multinational corporation is a company that operates in multiple countries.
Name one impact of industrialization on the environment.
Pollution
What does ‘fair trade’ mean?
Fair trade is a trading partnership that seeks greater equity in international trade.
True or False: Fair trade guarantees a minimum price for producers.
True
Fill in the blank: The _____ is a measure used to assess the economic performance of a country.
GDP
What does ‘economic inequality’ refer to?
Economic inequality refers to the disparity in wealth and income between individuals or groups.
True or False: Economic growth always leads to economic development.
False
What is the ‘digital divide’?
The digital divide refers to the gap between those who have easy access to digital technology and those who do not.
What is ‘microfinance’?
Microfinance is a financial service that provides small loans to individuals in developing countries.
True or False: Microfinance can help reduce poverty.
True
What is the main goal of international aid?
To provide support to countries in need for development and humanitarian efforts.
Fill in the blank: The _____ effect occurs when the benefits of economic growth are not evenly distributed.
trickle-down
What is ‘urban sprawl’?
Urban sprawl is the uncontrolled expansion of urban areas into the surrounding rural land.
True or False: Urban sprawl can lead to environmental issues.
True
What is the role of the World Bank?
The World Bank provides financial and technical assistance to developing countries.
Name one challenge faced by LICs.
Poverty
Fill in the blank: A _____ is a place where goods are manufactured.
factory
