e 2 Global Income and Wealth Inequality

A set of vocabulary flashcards covering key concepts related to global income and wealth inequality, classifications by the World Bank, and the status of least developed countries.

Global Income Inequality

The unequal distribution of income across various participants in an economy.

Purchasing Power Parity (PPP)

An economic theory that allows the comparison of the purchasing power of various world currencies to one another.

Income Groups

The classifications of economies by the World Bank into four categories: low, lower-middle, upper-middle, and high income.

Least Developed Countries (LDCs)

Countries designated by the UN that are entitled to preferential market access, aid, special technical assistance, among other concessions.

Extreme Poverty

Living on less than $2.15 per day, affecting nearly 700 million people globally.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time.

International Political Economy

The study of the relationships between politics and economics on a global scale.

Uneven Growth

The phenomenon where certain regions or economies grow at significantly different rates compared to others.

High Income Countries

Nations with a high gross national income (GNI) per capita, classified by the World Bank.

Sub-Saharan Africa

A region of Africa that lies south of the Sahara Desert, often associated with higher levels of poverty.