North - South Gap Flashcards
1
Q
How are countries classified in terms of economic development?
A
North - developed countries
South - lesser developed countries
2
Q
What are the three degrees of poverty?
A
- Extreme poverty: $1/person/day
- Moderate poverty: $1-2/person/day
- Relative poverty: below national standard income
3
Q
What are the determinants of per capita economic growth?
A
Investment share of GDP, secondary school enrollment, population growth
4
Q
What is mono-economics?
A
Defined as those producing one or two primary products
5
Q
Why is mono-economics a problem?
A
Price volatility
Resource curse example
6
Q
What is the ladder of economic development?
A
- High-tech manufacturing and services
- Heavy manufacturing
- Light manufacturing
- Agriculture and mining
7
Q
What is the world systems theory?
A
Three basic hierarchies of countries: core, periphery, semi-periphery
Core countries dominate and exploit periphery countries and periphery countries depend on core countries for capital
