Economic Development Flashcards
What is economic development
Economic development are activities that aim to improve the well being and quality of life of a community.
What are the three types of classifications of economic development
First World
Second World
Third World
What is the North South Divide line called
The Brandt Line
Which countries were know as the wealthier countries in the Brandt Line
Northern Countries
Which countries were known as the poorer countries in the Brandt Line
Southern Countries
What are some pros of the Brandt Line
~Has the most powerful nations on Earth
~ Has 95% of people with a functioning education system
~Owns 90% of the manufacturing industries
What are some cons of the Brandt Line
~Too simple in terms of wealth within every country
~Geographically incorrect because although Australia and New Zealand are in the South they are considered Northern
~Economies have become more varied and moved on from manufacturing and agriculture
What are the five groups countries are split into.
~ Rich industrializing countries
~Oil Exporting Countries
~New Industrializing Countries
~Former Communist Countries
~Heavily Indebted Countries
What are development indicators
A numerical measure of quality of life in a country
What is HDI
The summary or measure of human development
What are the components of HDI
Health
Education
Standard of living
What is GNI
The total value of goods produced by a country during one year equal to the gross domestic product plus the net income from foreign investments.
What is one disadvantage of using HDI
The measure uses a broad amount of information and is not tied up to one measure.
What is one disadvantage of HDI
Wealth has too much importance with the HDI and weighs in too much of it
