Chapter 1 Flashcards
changes lead to growth
Economic Growth
no development happens
Economic Stagnation
Changes in economy may lead to postive or negative effects
Economic Transition
process by which more people become connected and different ways across ever greater distances.
Globalization
condition in which peole lack the minimum amount of income in order to maintain the average standard of living inthe society in which they live
Relative Poverty
condiiton where a person does not have the minimum amount of income needed to meet the minimum requiremnts for one or more basic living needs over an extended period of time (poorest of the poor)
Absolute Poverty
process of improving the quality of all human lives and capabilities by raising people’s level of living, self-esteem and freedom
Development
study of how economies tranformes from stganation to growth and from low-income to high-income status and overcome problems of absolute poverty
Economic Development
refers to rise in national or per capital income
Economic Growth
defined as developed and industrialized countries
global north
less socio-economically developed global regions.
known as thirid world or developing vountries
global south
the richest of the industrialized and democartic nations of the world
most developed countries
countries with the little development, little wealth and high population growth
less developed countries
countries with very low per capital income, low literacy rates anfd very little in the way of manufacturing industries
least developed countries
three core values of development
sustenance - sustain
self-esteem - confidence
freedom - do anything legally
