unit 3 vocab quiz 2 Flashcards
Per capita
average per person
example: Moc’s have a per capita Grop of $20.000
gross Domestic product
Measure of the total value of the officially recorded goods and services produced by the citizens and corporations of a country in a given year
Example: A baker produces a loaf of bread for a customer who contributes to the GDP, if he made one for his family he would not contribute to the GDP
Gross national product
Measurement of the total value of the officially recorded goods and services produced by the citizens and corporations of a country within a given year regardless of their location
Example: Mexico, Europe, and Asia
Gross national income
Measure of the monetary worth of what is produced within a country plus income received from investments outside of a country
Example: Company + investments outside of a country
Human Development Index
Formula created by the UN to compare the various development levels of regions and countries using social and economic elements. They compare GNI with life expectancy, average education levels, and standard of living
Purchasing power parity
A measure of what similar goods cost in different countries
What is the Big Mac Index?
Prices of a Big Mac throughout the world.
Example: $3.22 in US (Aug income $42,000)
What is the Formal Economy?
The legal economy that governments tax and monitor.
What is the Informal Economy?
The illegal economy that governments do not regulate, tax, or keep track of and therefore not included in the GDP.
What does the Gender Inequality Index measure?
Each country’s reproductive health, empowerment, and labor market. The higher the GII, the greater inequality between men and women.
What is the Gender Empowerment Index?
An attempt to measure the influence of women in a society by indexing women’s income, participation in labor force, professional jobs, and political influence.
What are Non-Governmental Organizations (NGOs)?
Several programs enacted by governments and international non-profit agencies, each having its own focus and goal.
What are Micro Loans?
Mini loans for women and the poor to help create industries in less developed regions and create income. Mainly used in areas like South Asia and South America.
Structural model
Alternate to the libecal model, difficult for people to reach high level of development due to the structural features of the global economy.
global structure cannot be changed
Liberal Model
Believe that all countries are capable of high development, and all countries can pass through the same stages of economic development.
