Term
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Definition
Def:
An imaginary line separating the MDCs in the Northern Hemisphere from the LDCs in the Southern Hemisphere.
Ex:
n/a |
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Term
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Definition
Def:
Core countries have high levels of development, a capacity at innovation and a convergence of trade flows. Periphery countries usually have less development and are poorer countries.
Ex:
The USA is a core country, while Northern Sudan is a periphery country. |
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Term
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Definition
Def:
A process of improvement in the material conditions of people through diffusion of knowledge and technology.
Ex:
Britain has undergone more development than Ethiopia, as Britain has had far more access to knowledge and technology. However, knowledge and technology is slowly diffusing to Ethiopia, developing it. |
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Term
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Definition
Def:
A country that is at a relatively early stage in the process of economic development.
Ex:
Sudan |
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Term
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Definition
Def:
A piece of economic data, usually of macroeconomic scale, that is used by investors to interpret current or future investment possibilities and judge the overall health of an economy.
Ex:
GDP-Gross Domestic Product |
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Term
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Definition
Def:
The increase in the standard of living in a nation's population with sustained growth.
Ex:
China is at a lower stage of economic development compared to Italy. |
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Term
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Definition
Def:
An alternative to international trade that emphasizes small businesses and worker-owned and democratically run cooperatives and requires employers to pay workers fair wages, permit unionization, and comply with minimum environmental and safety standards.
Ex:
NAFTA guarantees fair trade in North America. |
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Term
| GDI (Gender-related Development Index) |
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Definition
Def:
Compares the level of development of women with that of both sexes.
Ex:
LDCs, such as Indonesia, tend to score lower on the GDI than MDCs, such as Germany. |
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Term
| GEM (Gender Empowerment Measure) |
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Definition
Def:
Compares the ability of women and men to participate in economic and political decision-making.
Ex:
LDCs, such as Libya, tend to score lower on the GEM than MDCs, such as Russia. |
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Term
| GDP (Gross Domestic Product) |
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Definition
Def:
The value of the total output of goods and services produced in a country in a given time period, usually one year.
Ex:
LDCs tend to have smaller GDPs (smaller economies) than MDCs (bigger economies). |
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Term
| GNI (Gross National Income) |
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Definition
Def:
The country's GDP, plus the income earned from the country's investments in other countries.
Ex:
LDCs tend to have smaller GNIs (smaller economies, less worldwide expansion) than MDCs (bigger economies, more worldwide expansion). |
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Term
| GNP (Gross National Product) |
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Definition
Def:
Total value of officially recorded goods and services produced by citizens and corporations.
Ex:
LDCs tend to have smaller GNPs (smaller economies, less local production) than MDCs (bigger economies, more local production). |
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Term
| HDI (Human Development Index) |
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Definition
Def:
Indicator of level of development for each country, constructed by the United Nations, combining income, literacy, education, and life expectancy.
Ex:
n/a |
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Term
| LDC (Less Developed Country) |
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Definition
Def:
A country that is at a relatively early stage in the process of economic development.
Ex:
Mali |
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Term
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Definition
Def:
The percentage of a country's adults who can read and write.
Ex:
n/a |
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Term
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Definition
Def:
The practice of loaning people in poverty small amounts of money, in order for the destitute people to start their own small business and earn a living.
Ex:
Grameen Bank |
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Term
| Millenium Development Goals |
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Definition
Def:
Eight international development goals that all members of the United Nations have agreed to meet by 2015.
Ex:
n/a |
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Term
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Definition
Def:
A country that has progressed relatively far along a continuum of development.
Ex:
France |
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Term
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Definition
Def:
Control by a powerful country of its former colonies (or other less developed countries) by economic pressures.
Ex:
To some degree, the Commonwealth of Nations countries are being economically pressured to cooperate with the UK. |
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Term
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Definition
Def:
The portion of the economy concerned with the direct extraction of materials from Earth's surface.
Ex:
Farming falls within the primary sector. |
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Term
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Definition
Def:
The value of a particular product compared to the amount of labor needed to make it.
Ex:
A computer is far more valuable than a pile of silicon, plastic, and metal, rendering its manufacture very productive. |
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Term
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Definition
Def:
The portion of the economy concerned with information, populated with highly-skilled, well-trained individuals.
Ex:
Computer programmers largely belong to this sector. |
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Term
| Rostow's Model of Development |
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Definition
Def:
A major historic model for economic growth, postulating that it happens in five basic stages of varying length:
1. Traditional society
2. Preconditions for take-off
3. Take-off
4. Drive to maturity
5. Age of High mass consumption
Ex:
n/a |
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Term
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Definition
Def:
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Ex:
Uranium enrichment falls into this sector of the economy. |
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Term
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Definition
Def:
A pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come.
Ex:
n/a |
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Term
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Definition
Def:
The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people, in exchange for payment.
Ex:
All of the retail industry belongs to this sector. |
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Term
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Definition
Def:
The gross value of the product minus the costs of the materials and energy used to make it.
Ex:
Gourmet food has a lot of value added to it due to its designation, garnishing, and cooking quality. |
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