Econ Chapter 16 Vocab
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17 Terms
Foreign debt
The part of the country's total debt that is owed to foreign creditors.
Debt service
The series of payments of interest and principal a borrower agrees to pay a lender over the life of a loan.
Debt forgiveness
The cancellation of all or part of a debt. Once forgiven, a debt does not have to be repaid.
Capital flow
Movement of money into and out of a country through foreign investment and other financial activities.
Economic development
The process by which a country makes economic progress and raises its standards of living; improvements in agriculture and industry, roads, and other infrastructures.
Developed country
A wealthy, industrialized country in which the majority of people have more than enough income to meet their basic needs and maintain a high standard of living.
Developing country
A low-medium income country in which most people have less access to goods and services than the average person in a developed country.
Newly industrialized countries
A rapid transition from severe poverty and low standards of living.
Least developed country
A country that suffers from severe poverty and low standards of living.
Subsistence agriculture
Raise crops or livestock mainly for personal consumption rather than for sale.
Extreme poverty
A condition in which people are too poor to meet basic survival needs, including food, shelter, and clothing.
Export-led development
The production of goods for export as away of expanding an economy.
Sustainable development
Designed to meet people's present needs without having a negative impact on future generations' ability to meet their needs.
Pollution haven
A country that attracts polluting industries because of its weak or poorly enforced environmental laws.
Environmental Kuznets curve
A curve that represents pollution increasing as a country begins to industrialize.
Cultural imperialism
The imposition of one country's culture or language on another country.
Cultural diffusion
The process of sharing ideas and knowledge across cultures is often disruptive.