GEOG 2302: Development and Wealth Study Guide

Comprehensive vocabulary flashcards covering key definitions, theories, and models from the GEOG 2302 Development and Wealth study guide.

Development (in Geography)

A process of improving people's lives through access to resources, technology, education, wealth, and opportunity.

Brandt Line

A conceptual division used in geography to provide a general framework for understanding global patterns of development.

Absolute Advantage

The ability of an entity to produce a good or service with greater overall efficiency than competitors.

Comparative Advantage

The ability of an entity to produce a specific good or service at a lower opportunity cost than others.

Human Development Index (HDI)

A composite index created to assess development by combining health (life expectancy), education, and income indicators.

GDP per Capita

A metric that estimates the average economic output per person within a country.

Nontariff Barrier to Trade

A trade restriction or regulation based on environmental, technical, or political concerns rather than a direct import tax.

Micro-loans

Small amounts of credit provided to individuals who are typically excluded from traditional commercial banking systems.

Gig Economy

A labor market characterized by prevalence of short-term contracts or freelance arrangements rather than permanent jobs.

Fair Trade

A trading partnership designed to ensure producers receive higher, more equitable compensation and improved social conditions.

Free Trade

An economic policy that reduces or removes barriers such as tariffs and quotas to facilitate international exchange.

Market Liberalization

The process of removing regulatory barriers to enable foreign companies to compete freely within domestic markets.

Purchasing Power Parity (PPP)

An economic tool used to compare incomes and standards of living across nations by accounting for differences in the cost of living.

International Monetary Fund (IMF)

An international organization that offers short-term financial loans and stabilization assistance to countries facing economic crises.

Modernization Theory

A development theory proposing that all countries can progress through similar, linear stages of economic growth with proper support.

Dependency Theory

A development theory that emphasizes structural disadvantages and historical inequalities that keep poorer nations subordinate to wealthier ones.

Remittances

Monetary transfers sent by migrant workers abroad back to their families or communities in their home country.

Gross Domestic Product (GDP)

The total monetary value of all finished goods and services produced strictly within a country's domestic borders.

Gross National Income (GNI)

An economic measure encompassing domestic economic output plus net income received from overseas investments and labor.

Self-Sufficiency Model

A strategy of development that limits imports through tariffs and quotas to insulate and protect domestic industries.

International Trade Model

A development strategy that encourages nations to specialize in competitive domestic industries and engage heavily in foreign trade.

Tariffs

Taxes or duties levied directly on imported goods entering a country.

Quotas (Trade)

Government-mandated quantitative limits placed on the volume of a specific good that may be imported during a given timeframe.

Adult Literacy Rate

The percentage of adults within a population who can read and write with understanding in everyday contexts.

Capitalism

An economic system in which market mechanisms dictate prices and private individuals or corporations pursue profit.

Collectivism

A socio-economic system that prioritizes group welfare, social solidarity, and shared communal support over individual interests.

Human Agency

The capacity of individual human beings to make autonomous choices and actively influence their own life circumstances.

$2.00$ per Day Poverty Threshold

A widely referenced poverty benchmark criticized for potentially overstating true well-being improvements despite incomes remaining precariously low.

Newly Industrialized Countries (NICs)

Developing nations actively transitioning from agrarian foundations toward rapidly growing industrial and service-based economies.

Asian Tigers

High-growth East Asian economies that achieved rapid industrialization through intense focus on exports, education, and infrastructure development.

BRICS Countries

A bloc of emerging economies characterized by substantial populations and rapidly expanding global economic and political influence.

Resource Curse

The paradox where an abundance of valuable natural resources contributes to severe economic inequality and conflict rather than broad prosperity.

Protectionist Policies

Economic regulations such as tariffs and quotas designed to shield domestic producers from foreign competition and provide market stability.

Rostow's Stages of Growth

A five-stage modernization model proposing that all countries must follow a defined sequence toward economic maturity and mass consumption.

Traditional Society (Rostow)

The initial stage in Rostow's model, characterized by primary reliance on subsistence agriculture, rudimentary technology, and negligible commercial trade.

Take-Off Stage (Rostow)

The transitional stage in Rostow's model marked by rapid industrial expansion and substantial reinvestment of capital back into production.

Drive to Maturity (Rostow)

The fourth stage in Rostow's model characterized by sustained economic growth, technological diffusion, and industry diversification.

Age of High Mass Consumption (Rostow)

The final stage of Rostow's model wherein society achieves widespread affluence and the vast majority can afford varied consumer goods and services.

Millennium Development Goals

A framework of targeted, measurable global objectives established by the United Nations to improve worldwide health, education, and poverty levels.

World Bank

An international financial institution dedicated to extending long-term capital financing for large-scale development and infrastructure initiatives.

Structural Adjustment Programs (SAPs)

Economic policy mandates imposed by institutions like the IMF requiring borrowing governments to privatize assets and open domestic markets.

Capabilities Approach

Amartya Sen's development framework arguing that real development is defined by expanding human freedoms and people's capacity to live lives they value.