changing economic world (Nigeria) Flashcards
what is Gross Domestic Product?
the total value of goods and services produced by a country in one year (per capita = divided by its total population)
what is migration?
the movement of people from one permanent home to another with the intention of staying for at least a year. this move may be within a country (national) or between countries (international)
what is a TNC?
initial investment and jobs lead to a knock on effect. this knock on effect creates more jobs and money which are then reinvested
what is industrial structure?
the relative proportion of the workforce employed in different sectors of the economy (primary, secondary, tertiary and quaternary)
what is development?
the progress of a country in terms of economic growth, the use of technology and human welfare
what is the development gap?
the difference in standards of living and wellbeing between the world’s richest and poorest countries (HIC versus LIC)
what is gross national income?
measurement of economic activity that is calculated by dividing the gross national income by the size of the population. GNI takes into account the value of the goods and services as well as the income earned from investment overseas
what is human development index?
a method of measuring development in which GDP per capita, life expectancy are combined to give an overview using social and economic indicators.
what is meant by quality of life?
refers to the wide range of human needs that should be met alongside income growth
what countries make up the BRICs?
Brazil, Russia, India and China
what countries make up the MINTs?
Mexico, Indonesia, Nigeria and Turkey
how can we measure development?
calorie intake
HDI
Life expectancy
healthcare
happiness index
unemployment rate
literacy rates
what are the limitations of GNI?
only takes into account one factor (income)
average calculation- wealthy people could distort the figures
data about income is sensitive- people may not be honest about their earnings
people working in the informal sector may not be taken into account
what is birth rate?
the number of live births per 1000 population
what are the limitations of birth rate?
some countries may have low birth rate but are poor- e.g. Cuba- 10 births per 1000- political decisions to invest more money in healthcare over other sectors
birth control policies can distort this as a measure of overall development e.g. China- 12 per 1000
what is death rate?
the number of deaths per 1000 population
what are the limitations of death rate?
death rate is a less reliable measure of development than birth rate
birth rates can be high in some LIC’s due to poverty but also high in HIC’s where many people are dying of old age
what is infant mortality rate?
the number of deaths of children less than one year of age per 1000
why is infant mortality rate a good measure of development?
reflects the level of healthcare and service provision in a country
what are the limitations of the infant mortality rate?
in the poorest countries, not all the deaths of children are reported, especially in remote areas- the true rates may be even higher
what is life expectancy?
average number of years a person in a country can be expected to live
why is life expectancy a good measure of development?
reflects healthcare and service provision
what are the limitations of life expectancy?
data is not always reliable, especially in LIC’s
can be slightly misleading in countries with very high rates of infant mortality as people surviving infancy may live longer than expected afterwards
what are literacy rates?
the % of people with basic reading and writing skills