Chapter 9: Development Flashcards
(18 cards)
fair trade
alternative to international trade that emphasizes small businesses work owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organizing and comply with minimum enviro and safety standards.
Development
A process of improvement in the material conditions of people through diffusion of knowledge and technology
foreign district investment(fdi)
investment made by a foreign company in the economy of another country
gender empowerment measure (GEM)
compares the ability of women and men to participate in economic and political decision making
gender related development index (GDI)
compares the level of development of women with that of both sexes
Gross Domestic Product (GDP)
the value of total output of goods and services produced in a given time period (normally 1 year)
Human Development Index (HDI)
Indicator of level of development for each country, constructed by the UN combining income, literacy, education, and life expectancy
Less Developed Country (LDC)
a country that is at a relatively early stage of economic development
literacy rate
the percentage of a country’s people who can read and write
millennium development goals
eight international developmental goals that all members of the UN have agreed to achieve by 2015
more developed country (MDC)
a country that has progressed relatively far along a continuum of development
primary sector
the portion of the economy concerned with the direct extraction of materials from the Earth’s surface, generally through agriculture, although sometimes by mining fishing and forestry
productivity
the value of a particular product compared to the amount of labor needed to make it
secondary sector
the portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials
structural adjustment program
economic policies imposed on LDC’s by international agencies to create conditions encouraging international trade, such as raising taxes, reducing gov spending, controlling inflation, selling publicly owned utilities to private corporations, and charging citizens more for services.
tertiary sector
the portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provisions of all goods and services to people in exchange for payment
transnational corporation
a company that conducts research, operates factories, and sells products in many countries, not just where it’s head quarters and shareholders are.
value added
the gross value of the product minus the costs of raw materials and energy
