Flashcards in Key terms Deck (15):
- A complex series of inter-related processes which lead to a higher standard of living and quality of life.
- it can be measured in terms of economic, social, political and environmental development as is done by the Cable Model
Define economic development.
- The growth of a country's economy leading to a rise in the general level of prosperity.
- It is only one aspect of development, but often triggers the improvement of other aspects of the development continuum.
- 'Human development is the end - economic growth is the means'
Unevenness or difference between people or places.
Define GDP (gross domestic product)
- The total value of goods and services produced by a country over a specified period, normally one year.
- GDP is expressed in per capita (head of population) terms.
Define GNI (gross national income)
- The GDP of a country plus all the income earned from investments abroad, but minus all income earned in the country by foreigners.
- GNI is expressed in per capita (head of population) terms.
Define real economic growth
the economic growth rate adjusted for inflation
Define Quality of life
The social and psychological condition of people in their everyday lives.
Sometimes expressed using HDI.
Define informal sector
- made up of activities that are not officially recognised in the economy
- e.g selling on the street
What is the Gini coefficient?
- statistical measure of the degree of inequalities
- ranges from 0 to 100, the higher the value, the more uneven the distribution
Define standard of living.
The degree of wealth and material comfort available to a person or community.
the increasing interconnection and interdependence of the world's economic, cultural and political systems.
What is the corruption index?
- An index measuring how corrupt the public services are perceived to be in that country.
- Ranges from 1-10, 10 being totally clean.
Define the global shift
the large-scale fliter-down of economic activity from MEDCs to NICs and LEDCs.
Define Foreign Direct Investment
overseas investments in physical capital by transnational corporations