The Development Gap Flashcards
What does S O L stand for?
standard of life: how wealthy person is/what the person can afford to buy.
What does Q O L stand for?
Quality of life : how happy/content you are with your life
Meaning of development
The progress of a country in terms of economic growth, the use of technology and human welfare.
What does HIC stand for?
High income country
Definition of a high income country
A country with a gross national income per capita higher than $12746
What does LIC stand for?
Low income country
Definition of a low income country
A country with a gross national income per capita lower than $1045
What does NEE stand for?
newly emerging economy
Definition of a Newly emerging economy
Countries that have begun to experience high rates of economic development.
Usually along with rapid industrialisation.
Definition of inequality
Difference between rich and poor
Definition of international aid
Money, medicine and goods given after a disaster
Definition of infra structure
Roads, utilities, water supply, buildings and sewage.
Definition of informal economy
Employment outside of the official knowledge of the governement
Definition of a formal economy
People who work and get normal pay, pay taxes and have certain rights.
Definition of the commonwealth
Voluntary association of 53 independent and equal sovereign states
What does TNC stand for?
Transnational corporation
Definition of transnational corporation
A company that’s operations are in more than one country
Definition of industrial structure
The percentage of people employed in each different sector of job eg. Primary, secondary, tertiary, quaternary
Definition a development gap
The difference in standards of living and well being between the richest and poorest countries
Definition of demographic transition model
A model showing how population should change over time, birth rates, death rates and total population size
Definition of Deindustrialisation
The decline of a countries traditional manufacturing industry due to exhaustion of raw materials, loss of markets and increased competition from NEE’s who can produce goods cheaper
Definition of fair trade
When producers in LIC’s are given a better price for the goods they produce, often this is from farm products like cocoa, cotton and coffee
Definition of intermediate technology
The simple easily learned and maintainable technology used in a range of economic activities serving local needs in LIC’s
E.g. Water pump
Definition of primary industry sector
This is an industry where you collect or grow something
E.g farming, fishing, mining
