Chapter 10: Development and Inequality

Flashcards summarizing key terms and concepts related to development, inequality, and economic strategies from the lecture.

Human Development Index (HDI)

A measure that evaluates the development of countries based on life expectancy, education, and standard of living.

Gross National Income (GNI)

The total value of all goods and services produced by a country, including money that leaves and enters the country.

Purchasing Power Parity (PPP)

An adjustment to GNI that accounts for differences in the cost of goods among countries.

Inequality-Adjusted Human Development Index (IHDI)

A version of the HDI that factors in inequality in the distribution of each dimension of HDI.

Gender Development Index (GDI)

A measure that evaluates the differences in development between men and women based on life expectancy, education, and income.

Gender Inequality Index (GII)

A composite measure that reflects gender inequalities in reproductive health, empowerment, and the labor market.

Self-sufficient path

A development strategy that encourages a country to be self-reliant by producing goods locally and restricting foreign ownership.

International Trade Path

A development strategy that encourages a country to open itself to foreign investment and international markets.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Structural Adjustment Program (SAP)

A set of economic reforms a country must agree to in order to qualify for loans or aid, usually involving austerity measures.

Microfinance

A financial service providing small loans to individuals or businesses in developing countries who are not able to obtain traditional bank loans.