Unit 7 MCQ and FRQ Economic sectors: Primary, Secondary, Tertiary, Quaternary, Quinary Measures of development: Economic - GDP, GNP, GNI and Social - HDI, GII Women and economic development Benefit of being part of the European Union “the EU” Comparative Advantage Rostow, Wallerstein and Dependency Theory: Analyze strengths and weaknesses of each Neoliberalism and Free Trade Sustainable Development Ecotourism

Economic sectors

Categories of the economy, including Primary, Secondary, Tertiary, Quaternary, and Quinary.

Measures of development

Indicators of development including Economic measures like GDP, GNP, GNI and Social measures like HDI and GII.

GDP

Gross Domestic Product, a measure of the economic performance of a country.

GNP

Gross National Product, the total value of goods produced and services provided by a country during one year.

GNI

Gross National Income, total income received by a country's residents and businesses.

HDI

Human Development Index, a composite statistic of life expectancy, education, and per capita income.

GII

Gender Inequality Index, a measure of gender disparities in a country.

European Union (EU)

A political and economic union of member states that are located primarily in Europe.

Comparative Advantage

The ability of a country to produce a good at a lower opportunity cost than another country.

Rostow's Stages of Growth

A model that suggests that economies develop in a series of stages.

Wallerstein's World Systems Theory

A theory that emphasizes the world economy as a complex system that promotes inequality.

Dependency Theory

A theory that suggests that poor countries are dependent on wealthy countries for resources.

Neoliberalism

An economic theory advocating free-market capitalism and reducing government interventions.

Free Trade

A policy that allows goods and services to be bought and sold across borders without tariffs or restrictions.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Ecotourism

Responsible travel to natural areas that conserves the environment and improves the welfare of local people.