Chapter 1 Flashcards
Globalization
economic, sociological, and cultural process by which nations, organizations, and indivuals become more interdependent and interlinked
Sustainable Development
defined by world comission on environment and development, development that meets the needs of the present without compromising the ability of future generations to meet their own needs
third world
a term to refer to the countries outside the capitalist and communist power blocs
non-aligned movement
association of developing countries that are not yet considered “rich” or “developed”
least developed countries
countries with low incomes and structural impediments to growth, with eligibility for special international support measures
newly industrialized countries
rapidly developing part of east asia in the 1970s that included Hong Kong, South Korea Singapore, and Taiwan
emerging economies
economically dynamic developing countries
fourth world
most underprivileged and oppressed people within the so-called developed countries and third world countries, suffering from stateless nations
global south
concept introduced to underline unequal global distribution of resources
gross domestic product (gdp)
most widely used indicator of economic development, measures total market value of goods and services produced in an economy divided by the number of people in that economy, measure of wealth not of how it is distributed
gross national income (gni) per capita
a measure of the value of goods produced in a national economy divided by its population that was developed
purchasing power parity (ppp)
exchange rate at which the currency of one country is converted into the currency of another
distribution of income
how the average wealth of the country is divided among the population
income inequality
average wealth of a country is distributed unevenly
gini coefficient
commonly used measure for determining income inequality within a country, 0 = perfect equality, 1 = complete inequality
