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Primary Sector
involves economic activities directly related to natural resources extraction or harvesting, such as agriculture, fishing, mining, and forestry.
Secondary Sector
the part of the economy involved in manufacturing and processing raw materials obtained from primary sectors into finished products. This includes activities such as construction, manufacturing, and assembly.
Tertiary Sector
a category within an economy that is focused on providing various services rather than producing goods. It includes industries such as retail trade, entertainment, healthcare, hospitality, education, finance, and transportation.
Quaternary Sector
the industry based on human knowledge which involves technology, information, financial planning, research, and development.
GDP
The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
GNP
the total monetary value, in US dollars, of all the goods, services, and investments produced by a country in a year.
GNI
the total amount of money earned by a nation's people and businesses. It is used to measure and track a nation's wealth from year to year. The number includes the nation's gross domestic product (GDP) plus the income it receives from overseas sources.
Formal Eco Sector
businesses, enterprises, and other economic activities that have government supervision, monitoring, and protection, and are also taxed
Informal Eco Sector
refers to economic activities that are not regulated or recognized by the government. It includes activities such as informal employment, the production and sale of goods and services through informal channels, and the exchange of goods and services outside of the formal market.
Gini Coefficient
a measure of statistical dispersion intended to represent the income distribution of a nation's residents, and is the most commonly used measure of inequality. human development index (HDI)
Fossil Fuels
an energy source formed from the residue of plants and animals buried millions of years ago. When they are burned, the energy from the plants and animals is released.
Renewable Energy
A resource that has a theoretically unlimited supply and is not depleted when used by humans.
Per Capita
"per head" or "per person." measures something on average per individual in a population, typically dividing the total amount by the number of people.
TFR
an estimate of the average number of children born to each female in her childbearing years, whereas the rate of natural increase equals the birth rate minus the death rate.
IMR
The annual number of deaths of infants under one year of age, compared with total live births. Its is expressed as the annual number of deaths among infants among infants per 1000 births rather than a percentage.
Life Expectancy
the average number of years to be lived by a group of people born in the same year, if mortality at each age remains constant. As you are conducting your research consider factors that improve the life expectancy of a country.
Literacy Rate
the percentage of people ages 15 and above who can, with understanding, read and write a short, simple statement on their everyday life.
HDI
measures the status of life in any given place based off of life expectancy, education levels, and income per capita. The GINI Index measures the economic inequality of a given area.
GII
a measurement that assesses gender-based inequalities in three dimensions: reproductive health, empowerment, and economic activity. It quantifies the disadvantage faced by females in these areas.
MDC
a more developed country that's in the later stages of development. It has higher levels of industrialization and a lower population. An LDC is a less developed country that is at an early stage of development.
LDC
a less developed country that is at an early stage of development. It has a higher population and is mostly agrarian.
NIC
a developing economy that has transitioned from being based on agriculture or extraction of raw materials, to being primarily based on the production of manufactured goods.
Rostow’s Stages of Econ. Growth
Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption. Rostow's model is one of the most significant historical models of economic growth. The model does not include "Postmodern Society."
Wallerstein’s World Systems
divides countries of the world into three groups based on political power, social standing, and economic and technological development. The theory does not categorize countries based on population.
Brandit Line
a line that divides the North and the South. It shows the divide between the more developed regions and the less developed regions.
Quinary Sector
the highest level of economic activity, which involves the decision-making and policy-making that drives the other sectors of the economy. It includes activities such as high-level management, administration, and policy development.
