Chapter 9 Flashcards
Development
process of improving material conditions of people through the diffusion of information and technology.
Fair trade
alternative to international trade that emphasizes small businesses and worker-owned and democratically run cooperatives and requires workers to pay workers fair wages, permit union organizing, and comply with minimum environmental and safety standards.
Foreign direct investment (FDI)
Investment made by a foreign company in the economy of another country.
Gender empowerment measure (GEM)
Compares the ability of women and men to participate in economic and political decision making.
Gender-related development index (GDI)
Compares the level of development of women with that of both sexes.
Gross domestic product (GDP)
the value of the total output of goods and services produced by a country in (usually) a year.
Human development index (HDI)
indicator of level of development for each country, constructed by the United Nations, combining income, literacy, education, and life expectancy.
Less developed country (LDC)
A country at a relatively early stage of its development.
Literacy rate
The percentage of a country’s people that can read and write.
Millennium development goals
eight international development goals that all members of the United Nations have agreed to achieve by 2015
more developed country (MDC)
a country that has progressed relatively far along a continuum of development.
Primary sector
the portion of the economy concerned with the direct extraction of materials from earth’s surface, generally through agriculture, although sometimes through mining, fishing, and forestry.
productivity
the value of a particular product compared to the amount of labor needed to make it.
Secondary sector
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Structural adjustment program
Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controlling inflation, selling publicly owned utilities to private corporations, and charging citizens more for their services.
Tertiary sector
the portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people, in exchange for payment.
Transnational corporation
A company that conducts research, operates factories and sells products in many countries, not just where its headquarters or shareholders are located.
Value added
The gross value of the product minus the cost of raw materials and energy.
