economic development Flashcards
circular economy
An approach to business management and product design that maximises the efficiency of resource use, and aims ultimately to phase out waste and pollution altogether.
sustainable development
development that meets the needs of the present without compromising the ability of future generations to meet their needs.
conservation
the efficient and non-wasteful use of natural resources.
To do this we must protect the biosphere as it provides us with loads of important environmental services
enviromental services
- The natural world sinks vast quantities of carbon
- Natural environments provide food and filter water
- The oceans regulate our climate and support marine life vital to food security
- Rainforests sink carbon, create rainfall through the biotic pump and support the largest biodiversity in the world
- Mangrove forests protect coastlines from storms
microfinance
- Micro-credit schemeswork on providing small loans to vulnerable people to enable them to start their own businesses
- loan can be as low as 25$
fairtrade
- Fair Trade- seeks to improve working conditions of farmers in LEDCs & provide reliable income.
- They set alowest price limitthat when market prices fall below, the farmer continues to earn a secure income.
- As market prices increase the fair trade price increases too.
fairtrade premium
This funding is spent on community development projects that the community decide themselves
in Honduras they spent it on a health centre, computer lab and soccer field.
development
The process of change which allows all the basic needs of a country or region to be met, thereby achieving greater social justice & quality of life and encouraging people to fulfil their potential.
what does GDP stand for
gross domestic product
what does GNP stand for
gross national product
product GDP
the total market value of all final goods and services produced annually in an economy
GNP
includes value of goods & services produced by nationals both inside and outside the country
what does GNI stand for
gross national income
GNI
Total value of goods & services produced within a country together with the balance of income & payments from or to other countries.
development gap
The difference between the most & least advanced countries - the HICs & LICs.
north - south divide
The socio-economic & political division between the wealthy countries of Europe and North America, Japan and Australia and the generally poorer countries of Asia, Africa, and Latin America.
what does HDI stand for
human development index
HDI
3 indicators 1. Longevity ( life expectancy) 2. Knowledge - adult literacy rates & enrolment rates at primary to university levels. 3. Income - GDP per capita (PPP)
what does PPP stand for
purchase power parity
PPP
An adjustment in gross domestic product per capita to reflect differences in the cost of living
Multidimensional Poverty Index
Developed by the UN in 2010. It uses different factors to determine levels of poverty rather than just economic factors.
life expectancy
the average age to which a person lives
infant mortality
number of babies, per 1000 who die under the age of one year.
child mortality
number of children, per 1000, who die under the age of 5 years.
literacy rate
the % of adults who can read and write.
problems with indices
- Many indices are averages for the whole population of a country
- Do not always reveal substantial inequalities between different segments of society
- In some countries, the data used in indices could be out of date or hard to collect.
- Some countries do not wish to have certain index data collected
