Development Flashcards
Fair trade
Alternative to international trade that emphasizes small businesses and worker-owned and democratically run cooperatives and requires employers to pay worker fair wages, permit union organizing, and comply with minimum environmental and safety standards
Development
A process in improvement in the material conditions of people through diffusion of knowledge and technology
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 in a country in a given time period
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 that is at a relatively early stage in the process of economic development
Literacy rate
The percentage of a country’s people who 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
A portion of the economy concerned with the direct extraction of materials form Earth’s surface, generally through agriculture, although sometimes by 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 services
