Economic Development

Question 1

Child Mortality Rate

Answer 1

Number of deaths per thousand children within the first five years of life.

Question 2

commodity dependence

Answer 2

An economy that relies on the export of primary commodities for a large share of its export earnings and hence economic growth

Question 3

Core-Periphery Model

Answer 3

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.

Question 4

Crude Birth Rate

Answer 4

The total number of live births in a year for every 1,000 people alive in the society.

Question 5

Dependency Theory

Answer 5

a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones

Question 6

Development

Answer 6

A process of improvement in the material conditions of people through diffusion of knowledge and technology.

Question 7

Ecotourism

Answer 7

the practice and business of recreational travel based on concern for the environment

Question 8

Fair Trade

Answer 8

trade in which fair prices are paid to producers in developing countries.

Question 9

Female labor force participation rate

Answer 9

The percentage of women holding full-time jobs outside the home

Question 10

Foreign Direct Investment

Answer 10

Investment made by a foreign company in the economy of another country.

Question 11

Formal Economy

Answer 11

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

Question 12

Gender Development Index (GDI)

Answer 12

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.

Question 13

Gender Inequality Index (GII)

Answer 13

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.

Question 14

Globalization

Answer 14

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.

Question 15

Gross Domestic Product (GDP) per capita

Answer 15

total value of the goods and services produced within a country per person, excluding transactions with other countries

Question 16

Gross National Income (GNI) per capita

Answer 16

the sum of a country’s gross domestic product plus all net income received from overseas, divided by the mid-year population

Question 17

Human Development Index (HDI)

Answer 17

Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy

Question 18

Industrial Revolution

Answer 18

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.

Question 19

Inequality Adjusted Human Development Index (IHDI)

Answer 19

an indicator of development that modifies the HDI to account for inequality within a country

Question 20

Infant Mortality Rate

Answer 20

The percentage of children who die before their first birthday within a particular area or country.

Question 21

Informal Economy

Answer 21

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

Question 22

International Monetary Fund

Answer 22

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.

Question 23

International trade path

Answer 23

The decision of a country to open themselves up to foreign investment and competition to increase development.

Question 24

Life Expectancy

Answer 24

A figure indicating how long, on average, a person may be expected to live

Question 25

Literacy Rate

Answer 25

The percentage of a country’s people who can read and write.

Question 26

Maternal Mortality Rate

Answer 26

Number of deaths per thousand of women giving birth.

Question 27

Microfinance (Microloans)

Answer 27

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

Question 28

Natural Increase Rate

Answer 28

The percentage growth of a population in a year, computed as the crude birth rate minus the crude death rate

Question 29

Offshoring

Answer 29

Moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available.

Question 30

Outsourcing

Answer 30

obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.

Question 31

Primary sector

Answer 31

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.

Question 32

Purchasing Power Parity

Answer 32

an adjustment that show the purchasing power of the same amount of money in two or more countries

Question 33

Quaternary sector

Answer 33

Jobs that deal with the handling and processing of knowledge and information.

Question 34

Quinary sector

Answer 34

Service sector industries that require a high level of specialized knowledge or technical skill. Examples include scientific research and high-level management.

Question 35

Secondary Sector

Answer 35

Portion of the economy concerned with manufacturing the process, transformation, and assembly of raw materials into useful products

Question 36

Self sufficiency path

Answer 36

countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international competition

Question 37

Structural adjustment program

Answer 37

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.

Question 38

Sustainability

Answer 38

The use of Earth’s renewable and nonrenewable natural resources in ways that do not constrain resource use in the future.

Question 39

Tertiary Sector

Answer 39

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.

Question 40

Total Fertility Rate

Answer 40

The average number of children born to a woman during her childbearing years.

Question 41

UN Sustainable Development Goals

Answer 41

17 Goals set by the UN in 2015 to be achieved by 2030 that aim at promoting development, reducing poverty and protecting the planet.

Question 42

World Bank

Answer 42

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.