development 2 Flashcards
(6 cards)
Name the five sectors of an economy, in order.
Primary, Secondary, Tertiary, Quaternary, Quinary
The five sectors represent different stages of economic activity, from raw material extraction to high-level services.
Define sustainable development.
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
This concept emphasizes balancing economic growth with environmental protection and social equity.
Differentiate between HDI and QLI.
HDI includes income, education, and life expectancy; QLI includes subjective well-being and factors like environment, safety, and social life. HDI focuses on measurable data; QLI includes personal satisfaction.
HDI is often used for assessing national development, while QLI offers insights into individual experiences.
What is meant by regional disparity?
The unequal levels of development or wealth between different regions in a country.
Regional disparity can lead to social and economic tensions within a country.
List two limitations of using development indicators.
- They provide averages and may hide inequality within a country.
- They may not reflect informal economies, environmental issues, or political freedom.
Development indicators can oversimplify complex social issues.
Explain the term Gini coefficient and what a value close to 1 indicates.
The Gini coefficient measures income inequality. A value close to 1 shows very high inequality, where wealth is concentrated in the hands of a few.
A Gini coefficient of 0 indicates perfect equality, where income is distributed evenly.
