GDP, GNP, HDI NIC Flashcards
What is GDP and what does it stand for
Gross Domestic Product is the total money value of everything a country makes in goods and services in a certain time. It shows how big and strong a country’s economy is.
What is HDI and what does it stand for
Human development Index measures how well people live, how educated they are, and how much money they earn
How do you measure GDP
- Inflation rate
- Consumer Spending
- Exports
- Imports
- Investment
- Business Profits
- Interest Rates
- National Debt
- Military
How do you measure HDI
- Life expectancy
- School enrollment
- Income per Person
- Access to clean Water
- Access to heath care
- Poverty rate
- Gender equality
- Employment rate
What is GNP and what does it stand for
Gross National Products is the total money value of all goods and services produced by the residence in a country both domestically and abroad over specific time periods
For example: A woman who is English moved to Germany and starts working there. She would then be counted to the GNP of England and the GDP of Germany
What is NIC and what does it stand for
NIC stands for Newly Industrialized Country. It refers to a country that has recently undergone rapid economic growth and industrialization, transitioning from a primarily agrarian economy to one that is more focused on manufacturing, technology, and services. NICs typically exhibit improvements in infrastructure, urbanization, and living standards, though they may still have some characteristics of developing countries.
In my words: NIC stands for Newly Industrialised Country. It means and shows that a once poor country has now grown a lot specifically in Infrastructure (Roads, Rail ways and so on) and urbanisation (People from the country side moving into the city, there by expanding it)
Example for Developed countries
United States
Germany
Japan
Australia
Examples for undeveloped countries
Afghanistan
Haiti
Niger
Chad
What are Global disparities and how do they measure it?
Difference of development between the different countries
Mensured by HDI, GNP, GDP
What are regional disparities and how do you measure it?
It’s when the different Regions in a countries have a different level of development
This is measured by HDI, GDP and GNP
What does Top Down mean
Top Down means that more developed countries give undeveloped countries support, whether it’s a financial aid or health care that is provided to the country in need.
What does Bottom Up mean
bottom-up means MEDCs teach LEDCs important skills so they can develop on their own
What does GDP per capita mean
All people are counted in the measurement of the GDP in a country, whether they are old or if they don’t have jobs, they all get counted.
What is ICP
ICP stands for International Comparison Program. What it does is that it notes down the prices of products within the country to the identify the cost of living or the economic productivity.
What is the Economy
The economy is everything that has to do with trading and receiving goods. As such also meaning how many businesses do we have, or how many markets? How much resources do we have to offer to other countries?
