Flashcards in Chapter 4 - Economic development of nations Deck (14):
Increase in the economic wellbeing, quality of life and general welfare of a nations people.
Country that is highly industrialized and highly efficient and whose people enjoy a high quality of life.
Newly industrialised country
Country that has recently increased the portion of its national production and exports derived from industrial operations.
Newly industrialised countries plus those with the potential newly industrialised.
Nation that has a poor infrastructure and extremely low personal incomes. Also called less developed countries.
Use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors.
Process by which a nation changes its fundamental economic organization and creates new free-market institutions.
Likelihood that a society will undergo political change that negatively affects local business activity.
Forced transfer of assets from a company to the government without compensation.
Forced transfer of assets from a company to the government with compensation.
Government takeover of the entire industry.
Local content requirements
Laws stipulating that a specified amount of a good or service be supplied by producers in the domestic market.
Policy of hiring people to represent a company's views on political matters.