Economic World (FLASHCARDS)

GNI

GNI

Gross National Income - A measurement of economic activity that takes into account the total income earned by a nation's people and businesses, including earnings made overseas.

GDP

Gross Domestic Product - A standard measure of the value added through the production of goods and services by a country during a certain period.

Birth Rate

The number of births per 1000 people of the total population in a year.

Death Rate

The number of deaths per 1000 people of the total population in a year.

Life Expectancy

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

Birth Rate Indicator (pros)

A clear indicator that can be used to predict future situations and plan accordingly.

Birth Rate Indicator (cons)

Can be affected by population policies and figures in low-income countries may not be accurate.

Death Rate Indicator (pros)

Indicates the level of healthcare provision and is an easy-to-use indicator.

Death Rate Indicator (cons)

Doesn't provide information on the reasons for a high death rate and can be difficult to obtain accurate figures from low-income countries.

GNI per Head Indicator (pros)

Useful and available for calculation, correlates with other development indicators.

GNI per Head Indicator (cons)

Can hide inequalities as it doesn't show the distribution of wealth and can be underestimated in low-income countries.

Infant Mortality Indicator (pros)

Indicates the quality of healthcare and water quality, easy to understand.

Infant Mortality Indicator (cons)

Difficult to obtain accurate figures as some births are not registered and infant mortality may not be disclosed.

Literacy Rate Indicator (pros)

Indicates the amount of education available and highlights children who cannot attend school.

Literacy Rate Indicator (cons)

Doesn't consider other valuable skills and when used alone, doesn't provide information on the availability of schools.

Infant Mortality Rate

The average number of deaths of infants under 1 year of age, per 1000 live births, per year.

TNC

Trans National Corporation - A company that has operations in more than one country.

HDI

Human Development Index - A measure of development that combines GDP per capita, life expectancy, and adult literacy rate to provide an overview for comparing different countries.

DTM

Demographic Transition Model - A model that shows the changes in birth rate, death rate, and total population of a country over time.

Development Gap (Social factors)

Factors such as poor education and lack of access to health and education that contribute to the development gap.

Development Gap (Physical factors)

Factors such as climate and foreign diseases that can hinder development in low-income countries.

Development Gap (Political Instability)

The impact of political stability on development, with better stability leading to faster development.

Development Gap (Natural Hazards)

The impact of natural hazards on development, including mass death and destruction of infrastructure.

Development Gap (Economic factors)

Factors such as limited access to healthcare and education due to poverty and debt that contribute to the development gap.

Reducing Development Gap Strategies (Aid)

Providing money or resources from one country to another to fund development projects.

Reducing Development Gap Strategies (Debt Relief)

Cancelling or lowering the interest rates on a country's debt to free up funds for development.

Reducing Development Gap Strategies (Microfinance loans)

Providing small loans to individuals in low-income countries who may not have access to traditional banks.

Reducing Development Gap Strategies (Investment)

TNCs investing in other countries, known as foreign direct investment, to promote development.

Reducing Development Gap Strategies (Industrial Development)

Encouraging the transition from primary industries to manufacturing to improve the economy.

Reducing Development Gap Strategies (Intermediate Technology)

Implementing affordable and sustainable technology that can be owned and maintained by the community.

Reducing Development Gap Strategies (Fairtrade)

Ensuring farmers in low-income countries receive fair prices for their goods, promoting economic stability.

Reducing Development Gap Strategies (Tourism)

Promoting tourism to generate income and invest in local education, healthcare, and infrastructure.

Uneven Development

The disparities in wealth and development between different countries and regions.

Bali Tourism (pros)

Tourism contributes to the local economy, creates jobs, and promotes cultural exchange and environmental awareness.

Bali Tourism (cons)

Negative impacts include rising house prices and prioritization of tourist projects over local development.

Industrial Structure

The relative proportion of the workforce employed in different sectors of the economy, including primary, secondary, tertiary, and quaternary industries.

Primary Industries

Involve gathering raw materials from the earth.

Secondary Industries

Involve processing raw materials into finished products in factories.

Tertiary

Aid

Assistance provided to Nigeria to address their malaria problem, including the distribution of insecticidal nets and raising awareness about treatment and prevention.

Malaria

A treatable disease that Nigeria struggles with due to underdeveloped medicine and lack of access to basic items such as nets.

UKaid

Assistance provided by the UK's Department for International Development to Nigeria, including the distribution of insecticidal nets and support for the National Malaria Programme.

PDA (Pattern, Data, Anomalies)

A framework used to analyze data, including identifying patterns, examining data, and identifying anomalies.

Political Context (Nigeria)

Nigeria's active involvement in the Economic Community of West African States (ECOWAS) and increased engagement in regional affairs.

Social Context

Key social indicators in Nigeria, including an adult literacy rate of 59.6% and 0.41 physicians per 1000 people.

Cultural Context

Examples of ethnic societies coexisting in Nigeria, such as Hausa Fulani, Yoruba, and Igbo.

Environmental Context

Nigeria's geographical features, with the north being savannah/grassland and the south being grassland/rainforest.

Economic Development

The process of economic growth and improvement in Nigeria, leading to increased adult literacy rates, life expectancy, and access to funding.

Oil Spills

Environmental consequences of economic development, including oil spills that can harm local communities and ecosystems.

UN (United Nations)

Classification of countries into First, Second, and Third World based on their economic and political systems during the Cold War era.

World Bank

Classification of countries into Low-Income Countries (LICs), Middle-Income Countries (MICs), and High-Income Countries (HICs) based on their economic development and income levels.

Brandt

The north/south divide, a classification of countries into wealthy and developed countries (the north) and poorer developing countries (the south) based on a report by Brandt in 1971.

Five-fold Proposal

A new way of classifying countries based on their development, including rich industrializing countries, oil-exporting countries, new industrializing countries, former centrally planned economies, and heavily indebted poor countries.