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Chapter 9 Vocab

TermDefinition
Development a processof improvement in the material conditions of people through diffusion of knowledge and technology
MDC country that has progressed relatively far
LCD a country that is at a relatively early stage in the process of economic development
Human Development Index an indicator of the level of development for each country
Gross National Income the value of the output of goods and services produced in a country in a year
purchasing power parity the amount of money needed in one country to purchase the same goods and services in another country
gross domestic product the value of the total output of goods and services produced in a country in a given time period
primary sector portion of the economy concerned with the direct extraction of materials from earths surface
secondary sector portion of the economy concerned with manufacturing useful products through processing, and assembling raw materials
tertiary sector portion of the economy concerned with transportation, communication and utilities
productivity the value of a particular product compared to the amount of labor needed to make it
value added the gross value of a product minus the costs of raw materials and energy
inequality adjusted HDI modification of the HDI to account for inequality within a country
literacy rate percentage of country who can read and write
gender inequality index measure of the extent of each countries gender inequality
female labor force participation rate percentage of women holding full time jobs outside the home
maternal mortality number of women who die giving birth per 100,000 births
adolescent fertility rate number of births per 1,000 women ages 15-19
supply quantity of something that producers have available for sale
demand the quantity of something that consumers are willing and able to buy
fossil fuel energy source formed from the residue of plants and animals
renewable energy resource that has a theoretically unlimited supply and is not depleted when used by humans
nonrenewable energy source of energy that has a finite supply capable of being exhausted
self-sufficiency approach to development state not requiring any outside aid to develop their country
international trade approach to development state requiring help from other states to develop their country
rostows development model model that postulates that economic growth occurs in five basic stages of varying length
asian dragons highly developed economies, first newly industrialized countries
world trade organization global organization dealing with the rules of trade between nations
foreign direct investment investment made by a foreign company in the economy of another country
structural adjustment programs economic policies imposed on LDC by international agencies to create conditions encouraging international trade
fair trade emphasizes small businesses and worker owned and democratically run cooperatives
microfinance provision of small loans and other financial services
millennium development goals 8 international development goals that all members of the UN have agreed to achieve by 2015
uneven development increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy
brandt line imaginary division that has divided the countries of the world into the rich north and poor south- no longer useful
Created by: amberlague