Chapter 4 - Economic development of nations Flashcards Preview

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Flashcards in Chapter 4 - Economic development of nations Deck (14):
1

Economic development

Increase in the economic wellbeing, quality of life and general welfare of a nations people.

2

Developed country

Country that is highly industrialized and highly efficient and whose people enjoy a high quality of life.

3

Newly industrialised country

Country that has recently increased the portion of its national production and exports derived from industrial operations.

4

Emerging markets

Newly industrialised countries plus those with the potential newly industrialised.

5

Developing country

Nation that has a poor infrastructure and extremely low personal incomes. Also called less developed countries.

6

Technological dualism

Use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors.

7

Economic transition

Process by which a nation changes its fundamental economic organization and creates new free-market institutions.

8

Political risk

Likelihood that a society will undergo political change that negatively affects local business activity.

9

Confiscation

Forced transfer of assets from a company to the government without compensation.

10

Expropriation

Forced transfer of assets from a company to the government with compensation.

11

Nationalisation

Government takeover of the entire industry.

12

Local content requirements

Laws stipulating that a specified amount of a good or service be supplied by producers in the domestic market.

13

Lobbying

Policy of hiring people to represent a company's views on political matters.

14

Foreign corrupt practices act

Law that forbids US companies from bribing government officials or political candidates in other nations.