LECTURE 8 - FLASHCARDS

Vocabulary flashcards based on lecture notes for Economic Development & Policy.

Infrastructure

The fundamental facilities and systems serving a country, city, or area, including roads, bridges, and communication systems.

Public Goods

Goods that are non-rival and non-excludable, meaning that one individual's use does not reduce availability for others and people cannot be prevented from using them.

Network Externality

A market failure where the value of a product or service increases as more people use it.

Congestion Pricing

A pricing mechanism aimed at reducing traffic congestion by charging users of congested roadways during peak times.

Public-Private Partnerships (PPP)

Collaborative agreements between government entities and private companies to finance, build, and operate infrastructure projects.

Bandwagon Effect

A phenomenon where the demand for a product increases as more people adopt it, creating a positive feedback loop.

Lock-in

A situation in which users become dependent on a product because switching to a superior product involves a high cost.

RCT (Randomized Controlled Trial)

An experimental design used to assess the effectiveness of a treatment or intervention by random assignment of subjects.

ICT (Information and Communications Technology)

Technologies that provide access to information through telecommunications, encompassing the internet, wireless networks, and other technologies.

Economic Development

The progress in an economy's production capacity, increases in income levels, and improvements in living standards.