The Changing Economic World Flashcards
Define LIC
Low income Country
Define NEE
Newly Emerging Economy
Define HIC
High income Country
Define GDP
Gross Domestic Product is a measure of the size of an economy
Define Socio-economic
relating to interaction of social and economic factors e.g. Education and wealth
Define Development Indicators
Usually, a numerical measure of quality of life in a country.
define development
the progress in economic growth, use of technology and improving welfare that a country has made.
define the development gap
the widening difference in levels of development between the worlds richest and poorest countries
define birth rate
-the number of births per year per 1000 of the total population
-social indictor
-rates would be low in a HIC because more babies will survive
define death rate
-the number of deaths in a year per 1000 of the total population
-social indicator
-rates would be low in a HIC because they have access to better healthcare
define GNI per capita
-a measure of economic activity that is calculated by dividing the gross national income by the size of the population. It includes foreign earnings
-economic indicator
-rates would be high in HIC because there is more money to invest and sell goods and services
define HDI
a composite score between 0-1 that takes into account GDP, life expectancy and adult literacy
define life expectancy
-the average number of years a person might be expected to live
-social indicator
-high rates in HIC
define infant mortality
-the average number of deaths of infants under 1 year of age per 1000 live births.
define literacy rates
-the percentage of people who have basic reading and writing skills
define demographic data
-statistical data about the characteristics of a population, such as age, gender, health, employment and income of the people within the population
what are the top 5 countries with the highest HDI score
-Switzerland
-Norway
-Iceland
-Hong Kong
-Sweden
what are the top 5 countries with the lowest HDI score
-Somalia
-South Sudan
-Central African Republic
-Niger
-Chad
Define the quaternary sector
high-tech, IT, consultancy
define informal sector
unregulated work, no tax, no sick pay, no contract
What are some examples of a NEE country that is developing?
-Pakistan
-Hati
-Mali
-Mayanmar
What are the countries like if they are an NEE developing?
It has achieved some industrial capacity and some people are becoming more wealthy. Employment in the secondary sector is high as the industrial economy grows.
What are some examples of LIC countries that are emerging?
-China
-India
-Brazil
What are the countries like if they are an LIC emerging?
Most people work in the informal sector and lots of people work in low-skilled tertiary jobs