C16 Econ Vocab

Cultural diffusion

The process of sharing ideas and knowledge across cultures.

Cultural imperialism

The imposing of one’s country’s cultural or language on another country.

Sustainable development

____ is designed to meet people’s present needs without having a negative impact on future generations’ ability to meet their needs.

Pollution haven

A ___ is a country that attracts polluting industries because of its weak or poorly enforced environmental laws.

Environmental Kuznets curve

Economists point to the ___. This theoretical curve shows pollution increasing as a country begins to industrialize.

Export-led development

Beginning in the 1970s, the Tigers adopted an economic model known as ___. This model emphasizes the production of goods for export as a way on expanding the economy.

Extreme poverty

A condition in which people are too poor to meet basic survival needs, including food, shelter, and clothing.

Least developed country

A country that suffers from severe poverty and low standards of living.

Developing country

A low to medium income country in which most people have less access to goods and services than the average person in a developed country.

Developed country

A wealthy, industrialized country in which the majority of people have more than enough income to meet their basic needs and maintain a high standard of living.

Economic development

The process by which a country makes economic progress and raises its standards of living.

Newly industrialized countries

A few, sometimes called ___, are making a rapid transition from agricultural to industrial economies.

Subsistence agriculture

Most of the people in LDCs earn a meager living from ___.

Debt forgiveness

The cancellation of all or part of a debt.

Capital flows

The movement of money into and out of a country through foreign investment and other financial activities.

World Trade Organization

World bank

Foreign debt

The part of a country that is owed to foreign creditors. Government, businesses, or individuals can owe the debt.

Debt service

The series of payments of interest and principal a borrower agrees to pay a lender over the life of the loan.

International Monetary Fund

United Nations

Globalization