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Economics
Econ Chapter 18
| Term | Definition |
|---|---|
| Development | the process by which a nation improves the economic, political, and social well-being of its people |
| Developed Nation | nation with a higher average level of material well-being |
| Less Developed Country | nation with a low level of material well-being |
| per capita gross domestic product | a nations gross domestic product (GDP) divided by its total population |
| industrialization | the extensive organization of an economy for the purpose of manufacture |
| subsistence agriculture | level of farming in which a person raises only enough food to feed his or her family |
| literacy rate | the proportion of the population over age 15 that can read and write |
| infant mortality rate | the number of deaths that occur in the first year of life per 1,00 live births |
| infrastructure | the services and facilities necessary for an economy to function |
| newly industrialized country | less developed country that has shown significant improvement in the measure of development |
| population growth rate | the increase in a country's population in a given year, expressed as a percentage of the population figure at the start of the year |
| natural rate of population increase | the difference between the birth rate and the death rate |
| arable | suitable for producing crops |
| malnutrition | inadequate nutrition |
| internal financing | financing derived from the savings of a countrys citizens |
| foreign investment | investment originating from other countries |
| foreign direct investment | the establishment of an enterprise by a foreigner |
| foreign portfolio investment | the entry of funds into a country when foreigners make purchases in the country's stock and bond markets |
| World Bank | the largest provider of development assistance |
| United Nations Development Program United Nations | program dedicated to elimination of poverty through development |
| International Monetary Fund | organization formed to stabilize international exchange rates and facilitate development |
| debt rescheduling | lengthening the time of debt repayment and forgiving, or dismissing, part of the loan |
| stabilization program | an agreement between a debtor nation and the IMF in which the nation agrees to revise its economic policy |
| privatization | the sale or transfer of state-owned businesses to individuals |
| work ethic | system of values that gives central importance to work |
| glasnost | a policy of political "openness" introduced into the Soviet Union in the late 1980's |
| perestroika | Soviet leader Gorbachev's plan for economic restructuring |
| light industry | the production of small consumer goods |
| special economic zones | designated regions in China where foreign investment is encouraged, businesses can make most of their own investment and production decisions, and foreign companies are allowed to operate |
Created by:
halvy
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