the changing economic world Flashcards
commonwealth
The Commonwealth is a voluntary association of 53 independent and equal sovereign states, which were mostly territories of the former British Empire. It is home to 2.2 billion citizens. Member states have no legal obligation to one another. Instead, they are united by language, history, culture, and their shared values of democracy, human rights, and the rule of law.
de-industrialisation
The decline of a country’s traditional manufacturing industry due to
exhaustion of raw materials, loss of markets and competition from NEEs.
demographic transition model
A model showing how populations should change over time in terms of their birth rates, death rates and total population size.
development
The progress of a country in terms of economic growth, the use of technology and human welfare.
development gap
The difference in standards of living and wellbeing between the world’s richest and poorest countries (between HICs and LICs).
European union
An international organisation of 28 European countries, including the UK, formed to reduce trade barriers and increase cooperation among its members. Seventeen of these countries also share the same type of money: the euro. A person who is a citizen of a European Union country can live and work in any of the other 27 member countries without needing a work permit or visa.
fair trade
When producers in LICs are given a better price for the goods they produce. Often this is from farm products like cocoa, coffee or cotton. The better price improves income and reduces exploitation.
globalisation
The process which has created a more connected world, with increases in the movements of goods (trade) and people (migration and tourism) worldwide.
gross national income (GNI)
A measurement of economic activity that is calculated by dividing the gross (total) national income by the size of the population. GNI takes into account not just the value of goods and services, but also the income earned from investments overseas.
industrial structure
The relative proportion of the workforce employed in different sectors of the economy (primary, secondary, tertiary and quaternary).
information technologies
Computer, internet, mobile phone and satellite technologies – especially those that speed up communication and the flow of information.
intermediate technology
The simple, easily learned and maintained technology used in a range of economic activities serving local needs in LICs.
international aids
Money, goods and services given by the government of one country or a multilateral institution such as the World Bank or International Monetary Fund to help the quality of life and economy of another country.
micro finance loans
Very small loans which are given to people in the LICs to help them start a small business.
post industrial economy
The economy of many economically developed countries where most employment is now in service
