The Changing Economic World : Overview and Nigeria Flashcards
(319 cards)
Define gross domestic product
value of goods and services produced by a country in one year
Define migration
movement of people from one permanent to another
Define transnational corporation
initial investment and jobs leading to multiplier effect
Define industrial structure
proportion of workforce employed in sectors of economy
Define development
progress of country in terms of economic growth, technology and human welfare
Define development gap
different standards of living and wellbeing in countries
Define Gross National Income
measurement of economic activity that is calculated by national income divided by population
Define human development index
method of measuring development in GDP per capita
Define quality of life
wide range of humans’ needs met alongside income growth
How are GDP and GNI different?
GDP within a country
GNI international trade/investments
What is GDP?
value of country’s output from within borders of a country
What are the elements that make up quality of life?
economic
social
psychological
physical
What are LICs?
poor quality of life with inadequate services
inadequate services and few opportunities
What are NEEs?
rapid economic growth based on industrial development
What are HICs?
modern industries with high proportions of people in service sector
What are the BRIC countries?
Brazil
Russia
India
China
What are the MINT countries?
Mexico
Indonesia
Nigeria
Turkey
How can we measure development?
disease
GNI
HDI
birth / death rates
infant mortality
life expectancy
people per doctor
literacy rates
safe water
How does life expectancy differ globally?
HIC - high
NEEs - increasing
LIC - low
Why does life expectancy differ globally?
Industrial Revolution different rates
- income/work conditions improve differently
What does Gross National Income measure?
wealth
What does GNI per head measure?
wealth
How does Gross National Income change as a country develops?
increases
What is Gross National Income measured in?
US dollars