Chap 1 - Patterns of Development Flashcards
From poor economy to a growing one
Economic Growth
Staying on a poor economy for a long time
Economic Stagnation
From a good economy to a poor one
Economic Transition
is the set of processes by which people become more connected in more and different ways across ever greater distances
Globalization
For the economists, globalization does what?
increases free trade, build global economic organizations and eliminate and reduce barriers to trade like tariffs
is the condition in which people lack the minimum amount of income in order to maintain the average standard of living in the society in which they live
Relative poverty
refers to a condition where a person does not have the minimum amount of income needed to meet the minimum requirements for one or more basic living needs over an extended period of time
Absolute poverty
the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem and freedom
Development
the study of how economies transform from stagnation to growth and from low-income to high-income status and overcome problems of absolute poverty
Economic Development
refers to a rise in national or per capita income
Economic Growth
defined as the developed and industrialized countries
Global North
the less socio-economically developed global regions. Countries known as “third world” or “developing countries”
Global South
the richest of the industrialized and democratic nations of the world
Most Developed Countries (MDCs)
Countries with little development, little wealth, and high population growth
Less Developed Countries (LDCs)
Countries with very low per capita income, low literacy rates, and very little in the way of manufacturing industries
Least Developed Countries (LLDCs)
Three Core Values of Development
- Sustenance
- Self-esteem
- Freedom
