unit 7 aphug

Development

the process of economic growth, social progress, and improvement in living standards within a country or region.

Fair Trade

aims to eliminate poverty and promote sustainable development by providing farmers with direct access to international markets.

Free Trade

an economic policy that allows goods and services to be traded across borders with little to no government interference, such as tariffs or quotas.

Free Trade Blocs

agreements between countries to promote trade and economic integration by reducing or eliminating trade barriers such as tariffs and quotas.

Gender Development Index (GDI)

a measure that assesses gender disparities in human development by comparing the HDI (human development index) values of women and men.

Gross Domestic Product (GDP)

total value of all goods and services by a country's economy in a given year (inside and outside of the country)

Gender Empowerment Measure (GEM)

an index that measures the extent of women's participation in political and economic life, reflecting gender inequality.

Human Development Index (HDI)

a composite statistic used to rank countries based on their level of human development, taking into account life expectancy, education, and per capita income.

Non-Governmental Organizations (NGOs)

international organizations that operate outside the influence of governments.

Less Developed Countries (LDCs)

countries that have low economic growth and little to no industrialization.

Literacy Rate

the percentage of people who can read and write in a specific language within a given population.

Millennium Development Goals

a set of eight international development targets established in 2000 by the United Nations, aimed at addressing global challenges like poverty, education, and gender equality by 2015.

More Developed Countries (MDCs)

a nation that has achieved a high level of economic growth and advanced technological infrastructure, resulting in a high standard of living for its citizens.

Multiplier Effect

An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.

Structural Adjustment Program

a set of economic reforms that a country must adhere to in order to secure a loan from the International Monetary Fund or the World Bank.

Primary

level of economic activity which includes economic activities dealing with the harvesting of resources

Secondary

level of economic activity which includes economic activities dealing with the processing or manufacturing of resources into products that are capable of being used by the people

Tertiary (Services)

level of economic activity which includes economic activities where services are provided by people, involve the exchange of goods, and bring producers and consumers together

Ancillary Activities

economic activities that surround and support large-scale industries such as shipping and food service

Quaternary

level of economic activity which includes economic activities concerned with research, information gathering and administration.

Quinary

level of economic activity that includes the most advanced form of economic activities consisting of high-level decision making for large corporations or high-level scientific research

World Systems Theory

Theory developed by Immanuel Wallerstein that explains the emergence of a core, periphery, and semi periphery in terms of economic and political connections first established at the beginning of exploration in the late 15th century and maintained through increased economic access up until the present.

Core-Periphery model

A model of the spatial structure of development in which underdeveloped countries are defined by their dependence on a developed core region.

Core

National or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated. (i.e. USA, Western Europe, Japan)

Semi-Periphery

Those newly industrialized countries with median standards of living; countries offer their citizens relatively diverse economic opportunities, but also have extreme gaps between rich and poor, such as Chile, Brazil, India, China, and Indonesia

Periphery

Countries that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living. The world economic periphery includes Africa (except for South Africa), parts of South America, and Asia.

Rostow's Stages of Development

A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.

Dependency Theory

Modern models that states that the relationship between powerful countries control the economic development of less powerful areas

Export-processing zone (EPZ)

areas where governments create favorable investment and trading conditions to attract export-oriented industries

Gross National Product

The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.

International Monetary Fund

An international organization of 183 countries, established in 1947 with the goal of promoting cooperation and exchange between nations, and to aid the growth of international trade.

Microloans

Provision of small loans and financial services to individuals and small businesses in developing countries. The extension of very small loans, to impoverished borrowers who typically lack collateral s, steady employment and a verifiable credit history; it is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension.

Neo-liberal policies

economic policies that are predicated on a minimalist role for the state, assuming the desirability of free markets as the ideal condition not only for economic organization but also for political and social life

role of the government assuming the desirability of free markets as the ideal condition not only for economic organization but also for political and social.

Purchasing Power Parity

A monetary measurement of development that takes into account what money buys in different countries.

Regionalization

The process by which specific region acquire characteristics that differentiate them from others within the same country. In economic geography, Regionalization involves the development of dominant economic activities in particular activities.

Special Economic Zones (SEZ)

specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign (and domestic) business and investment

Tariffs

a tax or duty to be paid on imports or exports

World Cities

a group of cities that form an interconnected, internationally dominant system of global control of finance and commerce, (i.e. New York, London, Tokyo, Hong Kong)

World Trade Organization (WTO)

deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible