Economics Chapter 1: Development Flashcards

Vocabulary flashcards covering key development indicators, economic terms, and sustainability concepts from the Chapter 1 lecture notes.

Development

A complex idea involving aspirations and desires about what we would like to do, how we would like to live, and the ways in which we work towards achieving goals like equality, freedom, and better lives.

National Development

The concept that different persons can have different, and sometimes conflicting, notions of a country's progress, focusing on what would be a fair and just path for a large number of people.

Average Income (Per Capita Income)

The total income of the country divided by its total population, used as a criterion for comparing the development levels of different countries.

World Development Reports

Reports published by the World Bank that use per capita income to classify countries as rich, low-income, or middle-income.

Rich Countries

According to the World Bank in $2017$, countries with a per capita income of $US\,12,056$ per annum and above.

Low-income Countries

According to the World Bank in $2017$, countries with a per capita income of $US\,955$ or less per annum.

Low Middle Income Countries

The category India falls into according to $2017$ data, with a per capita income of only $US\,1820$ per annum.

Infant Mortality Rate (IMR)

The number of children that die before the age of one year as a proportion of $1000$ live children born in that particular year.

Literacy Rate

The measure of the proportion of the literate population in the $7$-and-above age group.

Net Attendance Ratio

The total number of children in the age group $14$ and $15$ years attending school as a percentage of the total number of children in that same age group.

Public Facilities

Goods and services provided collectively, such as schools, healthcare, and security, because they are often the cheapest and most effective way to ensure wellbeing.

Public Distribution System (PDS)

A government system for distributing food and essential items; it functions well in certain Indian states like Tamil Nadu, improving the health and nutritional status of the people.

Human Development Report

A report published by the UNDP that compares countries based on educational levels, health status, and per capita income.

Human Development Index (HDI)

A composite index used in the Human Development Report to rank countries based on health, education, and income indicators.

Life Expectancy at birth

The average expected length of life of a person at the time of their birth.

Body Mass Index (BMI)

A measure used by nutrition scientists to determine if an adult is undernourished, calculated by dividing weight in $kg$ by the square of the height in meters ($\frac{\text{weight}}{(\text{height})^2}$).

Sustainable Development

The type of development that satisfies the needs of the present generation without compromising the resources for future generations.

Renewable Resources

Resources replenished by nature, such as groundwater, crops, and plants, though they can still be subject to overuse.

Non-renewable Resources

Resources like crude oil that have a fixed stock on earth and will get exhausted after years of use as they cannot be replenished.

Purchasing Power Parity (PPP)

A method of calculating per capita income in dollars such that every dollar buys the same amount of goods and services in any country.