Development, Population, and Global Markets

Vocabulary practice cards covering global development metrics, population dynamics, and international trade theories as described in the lecture notes.

Categories of Development

The metrics used to measure a country's level of development: Money (income levels), Health (life expectancy and hospital quality), and Education (literacy rates and school attendance).

Infrastructural Model

A framework illustrating that a country requires basic foundations like roads, power, and clean water before it can build a strong economy.

Modern Shift in Infrastructure

The contemporary refocusing toward digital infrastructure, where internet, cellular networks, and technology are considered as critical as physical roads.

Wealth vs. Development Gap

A condition where a country generates significant money (e.g., from oil) but remains less developed because wealth is concentrated among a few rather than used for public schools, hospitals, and roads.

Child survival

Stated by Hans Rosling as the most important factor in maintaining decent population growth; when children survive, parents naturally choose to have fewer offspring, stabilizing growth.

Population Strain

The heavy pressure put on a country's resources by rapid growth, leading to traffic jams, overcrowding in public services, and shortages of electricity and clean water.

Developed Nations

Countries characterized by high wealth, high-tech industries, excellent schools, and modern hospitals where most citizens live comfortably.

LDCs (Less Developed Countries)

Countries with less money that rely primarily on farming and frequently lack stable electricity, clean water, and quality education.

Brain drain

The migration of highly skilled and educated workers, such as doctors, scientists, and engineers, from their home country to richer nations for better opportunities.

Absolute advantage

When one country is faster or more efficient at producing a good than another using the same resources; for example, Colombia producing $10$ pounds of coffee per hour versus Canada's $2$ pounds.

Comparative advantage

The ability of a country to produce an item at a lower "opportunity cost" than another country, meaning they sacrifice less of other goods to produce it.

Law of comparative advantage

A principle stating that countries should specialize in items where they have a comparative advantage and trade for other needs to increase overall wealth for both trading partners.

Specialization

A strategy where a country focuses on producing specific goods to increase efficiency, though it risks an economic crash if demand for that single product ceases.

Multinational Corporations (MNCs)

Companies that maintain a clear "home office" in one specific country but operate factories or sell goods in other nations.

Transnational Corporations (TNCs)

Truly global organizations that operate across many countries without identifying any single country as their primary home base.

Scarcity

A shortage of resources or skilled workers that prevents a country from producing goods to sell, leaving it without funds to participate in the global market.

Entrepot

A port city with high development, advanced logistics, and a stable government where goods are imported, stored, and re-exported without heavy taxes.