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Chapter 27
Economic Development and Inequality
Question | Answer |
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What is a countries Economy | The economy is the way in which a country organises its use of money, goods and trade. |
What were more developed economies referred to as | Countries with more developed economies are referred to as ‘developed countries’, or sometimes as ‘more economically developed countries (MEDCs)’. |
What were less developed economies referred to as | Countries with less developed economies are referred to as ‘developing countries’, or sometimes as ‘less economically developed countries (LEDCs)’. |
What are some indicators of economic development | Type of Employment Education Rate Adult Literacy Rate Average Life Expectancy Gross Domestic Product (GDP) |
What is education rate | The education rate is the average amount of time spent in education in a country. It is measured in years in education. |
What is Literacy Rates | The adult literacy rate is the percentage of adults in a country who can read and write. |
What is Life expectancy | Average life expectancy is the average number of years a person can expect to live from time of birth. |
What are 2 Causes of Unequal Economic Development | Unfair Trade International trade is the exchange of capital, goods and services across international borders. Unfair trade is where developing countries do not receive a fair price for their exports. Globalisation Globalisation has also hindered economic |