Section B: The Changing Economic World Flashcards
Brandt Line
A line that divides developed and developing countries on the world map.
Capitalism
An economic and political system where trade and other sectors of the economy
such as manufacturing are run by private companies for profit. They believe that
the richer the country, the more developed it can be.
Colonialism
The act of getting control over another country, this involves occupying their land
and results in exploitation of people and the country’s resources.
Communism
A system which believes that the population should be classless and equal
financially. Goods and the means of production are owned communally (often by
the state) instead of being owned by private companies so everyone has access
to what they need.
Corruption
Governments that are dishonest or steal money to remain in power or for financial
gain.
Demographic Transition Model
A model which describes how the population, birth and death rates as a country
develops.
Economic Inequality
The difference in wealth between the richest 10% of a country’s population and
the poorest 10%.
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GNI per capita
The total amount of money earned by individuals or businesses, divided by the
population.
Governance
The management of a place or group of people.
Human Development Index
A measure of several indicators including life expectancy, inequality and
education.
Immigration
The movement of people from their home country to a new country of residence.
Indicator
A way of measuring development, which focuses on the social, economic or
environmental development.
Infant Mortality Rate
The ratio of children under 5 years old that die compared to the total number of
births.
Life Expectancy
The average number of years an individual is likely to live, determined at birth.
Lower Income Country (LIC)
A country of low wealth and a limited level of development.
Middle Income Country (MIC)
A country of sufficient wealth and a good level of development.
