Economic Development Flashcards
Child Mortality Rate
Number of deaths per thousand children within the first five years of life.
commodity dependence
An economy that relies on the export of primary commodities for a large share of its export earnings and hence economic growth
Core-Periphery Model
A model that describes how economic, political, and/or cultural power is spatially distributed between dominant core regions, and more marginal or dependent semi-peripheral and peripheral regions.
Crude Birth Rate
The total number of live births in a year for every 1,000 people alive in the society.
Dependency Theory
a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones
Development
A process of improvement in the material conditions of people through diffusion of knowledge and technology.
Ecotourism
the practice and business of recreational travel based on concern for the environment
Fair Trade
trade in which fair prices are paid to producers in developing countries.
Female labor force participation rate
The percentage of women holding full-time jobs outside the home
Foreign Direct Investment
Investment made by a foreign company in the economy of another country.
Formal Economy
The legal economy that is taxed and monitored by a government and is included in a government’s Gross National Product; as opposed to an informal economy
Gender Development Index (GDI)
An indicator constructed by the U.N. to measure the difference between men and women in terms of a long and healthy life, education and standard of living.
Gender Inequality Index (GII)
A United Nations index, introduced in 2010, which measures a country’s loss of achievement due to gender inequality, based on reproductive health, employment, and general empowerment.
Globalization
the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Gross Domestic Product (GDP) per capita
total value of the goods and services produced within a country per person, excluding transactions with other countries
Gross National Income (GNI) per capita
the sum of a country’s gross domestic product plus all net income received from overseas, divided by the mid-year population
Human Development Index (HDI)
Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy
Industrial Revolution
A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s and marked the transition from agricultural to industrial production.
Inequality Adjusted Human Development Index (IHDI)
an indicator of development that modifies the HDI to account for inequality within a country
Infant Mortality Rate
The percentage of children who die before their first birthday within a particular area or country.
Informal Economy
Economic activity that is neither taxed nor monitored by a government; and is not included in that government’s Gross National Product; as opposed to a formal economy
International Monetary Fund
An international organization of 183 countries, established in 1947 with the goal of promoting cooperation and exchange between nations, and to aid the growth of international trade.
International trade path
The decision of a country to open themselves up to foreign investment and competition to increase development.
Life Expectancy
A figure indicating how long, on average, a person may be expected to live
Literacy Rate
The percentage of a country’s people who can read and write.
Maternal Mortality Rate
Number of deaths per thousand of women giving birth.
Microfinance (Microloans)
the practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities
Natural Increase Rate
The percentage growth of a population in a year, computed as the crude birth rate minus the crude death rate
Offshoring
Moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.
Outsourcing
obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.
Primary sector
The portion of the economy concerned with the direct extraction of materials from Earth’s surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Purchasing Power Parity
an adjustment that show the purchasing power of the same amount of money in two or more countries
Quaternary sector
Jobs that deal with the handling and processing of knowledge and information.
Quinary sector
Service sector industries that require a high level of specialized knowledge or technical skill. Examples include scientific research and high-level management.
Secondary Sector
Portion of the economy concerned with manufacturing the process, transformation, and assembly of raw materials into useful products
Self sufficiency path
countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international competition
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.
Sustainability
The use of Earth’s renewable and nonrenewable natural resources in ways that do not constrain resource use in the future.
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.
Total Fertility Rate
The average number of children born to a woman during her childbearing years.
UN Sustainable Development Goals
17 Goals set by the UN in 2015 to be achieved by 2030 that aim at promoting development, reducing poverty and protecting the planet.
World Bank
A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation. Its formal name is the International Bank for Reconstruction and Development.
