Economics Chapter 1: Development

Vocabulary practice flashcards covering key economic indicators, definitions, and concepts of development from Chapter 1.

Per Capita Income

The average income of a country, calculated by dividing the total income of the country by its total population.

Infant Mortality Rate (IMR)

An indicator showing the number of children that die before the age of one year as a proportion of $1,000$ live children born in that particular year.

Literacy Rate

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

Net Attendance Ratio

The total number of children in the age group of $15\text{--}17$ years attending school as a percentage of the total number of children in the same age group.

Life Expectancy at Birth

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

Human Development Index (HDI)

A composite index compiled by the United Nations Development Programme (UNDP) that ranks countries based on educational levels, health status, and per capita income.

Body Mass Index (BMI)

A nutritional indicator calculated by dividing a person's weight in kilograms by the square of their height in meters ($\frac{\text{weight in kg}}{(\text{height in meters})^2}$).

Renewable Resources

Natural resources that are replenished by nature over time, such as groundwater, crops, and plants, though they risk depletion if overused beyond replenishment rates.

Non-Renewable Resources

Resources that have a fixed stock on Earth and cannot be replenished by nature once extracted and consumed, such as crude oil.

Public Distribution System (PDS)

A government-run network of ration shops designed to supply essential food items and basic provisions to improve the health and nutritional status of citizens.

High-Income Countries

According to the World Bank's World Development Reports, countries having a per capita income of $US\$\;66,500$ per annum and above in $2024$.

Low-Income Countries

Countries with a per capita income of about $US\$\;2,300$ or less per annum in $2024$, as classified by the World Bank.

Purchasing Power Parity (PPP)

A method of calculating per capita income in international dollars so that every dollar has the capacity to buy the same quantity of goods and services in any country.

Conflicting Developmental Goals

A condition where developmental aspirations sought by one individual or group are contradictory or detrimental to the interests of another (e.g., industrialists demanding dams versus displaced tribals losing land).

Sustainability of Development

An approach to progress ensuring that the current level of economic and human development can be maintained for future generations without causing environmental degradation or resource exhaustion.

National Development

A nation's collective process of addressing how to provide fair, just, and widespread benefits to a large population rather than a small group.