Chapter Five – The Changing Economic World

These flashcards cover key vocabulary and concepts related to economic development and disparities as discussed in Chapter Five of the lecture notes.

Economic Development

The progress of a country in terms of economic growth, the use of technology and human welfare.

Low Income Country (LIC)

Countries with a GNI per capita of $1,045 or less according to the World Bank.

High Income Country (HIC)

Countries with a GNI per capita of $12,746 or above as defined by the World Bank.

Newly Emerging Economies (NEE)

Countries experiencing high rates of economic development, often through rapid industrialization.

Human Development Index (HDI)

A composite measure that combines life expectancy, GNI, and education index to assess development.

Birth Rate

The number of live births per 1,000 people in a population per year.

Infant Mortality

The number of deaths of infants under one year of age per 1,000 live births.

Literacy Rate

The percentage of adults in a population who can read and write.

Demographic Transition Model

A model that illustrates population change over time through various stages of development.

North-South Divide

The socio-economic and cultural differences between Southern England and Northern England.

Transnational Corporation (TNC)

A corporation with operations in multiple countries, often leveraging lower production costs in LICs.

Fair Trade

A movement aimed at providing fair prices for producers in LICs and promoting sustainable practices.

Infrastructure

Basic physical and organizational structures and facilities needed for the operation of a society.

Microfinance Loans

Very small loans given to individuals in LICs to help them start small businesses.

Globalisation

The process creating a more interconnected world, increasing the movement of goods and people.

Debt Relief

The reduction or cancellation of debt, allowing LICs to improve their economic situations.

Intermediate Technology

Simple, appropriate technology that is easy for local people to learn and maintain.

Economic Growth

An increase in the production of goods and services in an economy over a period of time.

Gross National Income (GNI)

A measurement of a country's income, including the total value of goods and services produced plus income from abroad.

Life Expectancy

The average number of years a person in a given country is expected to live.

Death Rate

The number of deaths per 1,000 people in a population per year.

Dependency Ratio

The proportion of the population that is outside the working age group (typically those aged 0-14 and 65+) compared to those in the working age group (15-64).

The Development Gap

The difference in standards of living and economic well-being between the world's richest and poorest countries.

Bilateral Aid

Development assistance given directly from one country's government to another.

Multilateral Aid

Aid provided by various countries and organized through international bodies like the United Nations or World Bank.

Deindustrialisation

The decline of a country's traditional manufacturing industry, often leading to a shift toward a service-based economy.

Post-Industrial Economy

An economy where the manufacturing industry is replaced by the service sector and research and development (quaternary sector).

Science Park

A collection of scientific and technical knowledge-based businesses located on a single site, often near a university.