unit seven AP HUG

Development

The process of development

MDC (more developed country)

A highly advanced economy high living standards strong infrastructure

More developed region

Signifies nations with advanced, diversified economies

LDC ( less developed countries)

Low income nations designated by the UN severe structural barriers

Brandt line

A conceptual line dividing the world into a wealthy and a poor global scale to highlight global economic inequality

HDI ( human development index)

Ranking countries by average achievement in health education and standard of living

GDP (gross domestic product)

The total monetary value of all finished goods and services produced within a country’s borders

GNP ( gross national product)

The total value of all final goods and services produced within a country’s residents and businesses

GNI ( gross national income)

The total income earned by a countries residents and business

Primary sector

Mining, fishing, farmer etc.

Secondary sector

Manufacturing

Tertiary sector

Doctor, cashier, teacher, etc.

Quaternary sector

A knowledge based job that focuses on information technology and expertise ( teachers, researchers etc.)

Quinary sector

High level decision making jobs ( government officials top executives etc.)

Formal sector of economy

The part of an economy that is officially registered, regulated by the government and pays taxes

Informal sector of the economy

Unregulated economic activities like street vending

Gender inequality

Unequal rights, resources and opportunities between the opposite sex or gender

GII (gender inequality index)

The measure showing lost human development from gender inequality

Empowerment

Authority or power given to someone to do something

GEM (gender empowerment measure)

An index showing women’s participation in economic life

Gender parity

The equal balance of men and women in a given area

Productivity

The efficiency of conveying inputs into valuable outputs

Value added

Having features added to a basic line or model

Demographic indicators

Statistical measures describing population characteristics and changes

Social indicators

Statistics and data used to measure a society’s well- being progress and life quality

Economic indicators

Statistics that measure an economy’s health performance and future direction

Literacy rate

Measures the percentage of a population that can read and write

Life expectancy

The average and expected years a person is supposed to live

Infant mortality rate

The number of deaths of infants under the age one per 1000 live births

Natural increase rate

Measured population change form births minus deaths excluding migration usually as a percentage or per 1000 people

Crude birth rate

A basic measure of fertility showing the number of live births per 1000 people in a year

Fertility rate

The average number of children born to a women between ages 15-49

Manufacturing

The process of converting raw materials into finished goods

Core

A wealthy high industrialized nation with advanced technology a strong economic base and significant global political influence

Semi-periphery

An intermediate nation in the global economy more developed than peripheral nations but less than core

Periphery

A less developed economically developed nation

Labor- market

The availability of employment and labor in terms of supply and demand

Microloans

Short term loans designed to help small businesses

Rowstows stages of modernization

Five stage theory with traditional society, preconditions for take off, take off, drive to maturity, and age of high mass consumption

Wallerstein’s world system theory

Three stage theory of core, semi-periphery, and periphery countries

Dependency theory

Less developed nations remain impoverished because they are exploited by wealthier nations

Self- sufficiency

An economic development model where a country aims to produce all its own goods and services reducing reliance on imports by using high tariffs

Commodity dependence

A country that relies on primary products for its exports

Four Asian Dragons

South Korea, Taiwan, Singapore, and Hong Kong

MINT countries

Mexico, Indonesia Nigeria, and Turkey

BRIC countries

Brazil, Russia, India, and China

Petroleum-rich Arabian

Particularly Saudi Arabia the worlds largest net oil exporter

Peninsula states

Florida, Alaska, Delaware, Maryland, Virginia, Michigan, California, and Washington

NIC (Newly industrialized countries)

A nation that is rapidly shifting from a largely agrarian economy to one driving by manufacturing but isn’t fully developed

Deindustrialized

A decline in industrial activity in a region or economy

Uneven development

The unequal distribution of wealth, resources, opportunities, and quality of life across different regions, nations or even within cities

Foreign direct investment

An investment made by a company or individual from one country into business interests located in another country

World trade organization

An international body that regulates an facilities global trade

International Monetary Fund

Ensures the stability of the global monetary system by fostering international monetary cooperation, facilitating trade, promoting sustainable economic growth

World bank

A global corporative of 189 member countries providing financial and technical help to developing nations to reproduce poverty and boost shared prosperity

TNC (transitional corporation)

A huge company with operations, resources, and management in multiple countries

MNC(Multinational corporation)

Large companies with operations, facilities, or assets in multiple countries

Structural adjustment

Economic policy reforms imposed lenders like world bank on narrowing nations

Program

A set of instructions that tells a computer or device what to do

Fair trade

A global movement and trading system ensures farmers, workers etc receive fair prices, safe conditions and empowerment

Tariffs

A tax imposed by a government or imported goods and services

Monopoly

Exclusive possession or control of the supply of or trade in commodity or service

Sustainable development

Meeting present needs without compromising future generations ability to meet their own

Sustainability

Meeting present needs without compromising future generations

Ecotourism

Responsible travel to natural areas that conserves the environment, sustains local well-being, and involves education about nature and culture