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Chapter 9 Vocab
Term | Definition |
---|---|
Development | a processof improvement in the material conditions of people through diffusion of knowledge and technology |
MDC | country that has progressed relatively far |
LCD | a country that is at a relatively early stage in the process of economic development |
Human Development Index | an indicator of the level of development for each country |
Gross National Income | the value of the output of goods and services produced in a country in a year |
purchasing power parity | the amount of money needed in one country to purchase the same goods and services in another country |
gross domestic product | the value of the total output of goods and services produced in a country in a given time period |
primary sector | portion of the economy concerned with the direct extraction of materials from earths surface |
secondary sector | portion of the economy concerned with manufacturing useful products through processing, and assembling raw materials |
tertiary sector | portion of the economy concerned with transportation, communication and utilities |
productivity | the value of a particular product compared to the amount of labor needed to make it |
value added | the gross value of a product minus the costs of raw materials and energy |
inequality adjusted HDI | modification of the HDI to account for inequality within a country |
literacy rate | percentage of country who can read and write |
gender inequality index | measure of the extent of each countries gender inequality |
female labor force participation rate | percentage of women holding full time jobs outside the home |
maternal mortality | number of women who die giving birth per 100,000 births |
adolescent fertility rate | number of births per 1,000 women ages 15-19 |
supply | quantity of something that producers have available for sale |
demand | the quantity of something that consumers are willing and able to buy |
fossil fuel | energy source formed from the residue of plants and animals |
renewable energy | resource that has a theoretically unlimited supply and is not depleted when used by humans |
nonrenewable energy | source of energy that has a finite supply capable of being exhausted |
self-sufficiency approach to development | state not requiring any outside aid to develop their country |
international trade approach to development | state requiring help from other states to develop their country |
rostows development model | model that postulates that economic growth occurs in five basic stages of varying length |
asian dragons | highly developed economies, first newly industrialized countries |
world trade organization | global organization dealing with the rules of trade between nations |
foreign direct investment | investment made by a foreign company in the economy of another country |
structural adjustment programs | economic policies imposed on LDC by international agencies to create conditions encouraging international trade |
fair trade | emphasizes small businesses and worker owned and democratically run cooperatives |
microfinance | provision of small loans and other financial services |
millennium development goals | 8 international development goals that all members of the UN have agreed to achieve by 2015 |
uneven development | increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy |
brandt line | imaginary division that has divided the countries of the world into the rich north and poor south- no longer useful |