Globalization Vocab Flashcards
Developed Country
a nation characterized by advanced infrastructure, high living standards, a strong economy, and well-established social services, such as healthcare and education.
Developing country
a nation that is in the process of industrialization and economic growth, often facing challenges such as lower income levels, limited access to basic services, and emerging industries.
Economic inequality
the unequal distribution of wealth, income, or resources among individuals or groups within a society, often resulting in significant differences in living standards and opportunities.
Renewable resources
sustainable natural assets, such as energy, agriculture, and materials, that can be utilized and traded internationally without depleting or exhausting them, contributing to global environmental and economic sustainability.
GDP (gross domestic product)
a measure of the total economic output or value of all goods and services produced within a country’s borders in a specific time period, typically a year.
GDP per capita
a measure of a country’s economic output or GDP divided by its population, providing an average income figure per person and indicating the economic well-being on a per capita basis.
Multinational Corporation
a large business entity that operates in multiple countries, conducting business activities, producing goods or services, and having subsidiaries or branches in various nations, often with a global or international presence.
Human Development Index (HDI)
a composite statistical measure used to assess and compare the overall well-being and development levels of countries. It takes into account factors such as life expectancy, education, and per capita income to provide a comprehensive snapshot of human development within a nation.
