Development Vocab part 1
-
Upload
dustin-blohm -
Category
Technology
-
view
560 -
download
0
Transcript of Development Vocab part 1
Development
Agglomeration economies The term economies of agglomeration is
used in urban economics to describe the benefits that firms obtain when locating near each other ('agglomerating'). This concept relates to the idea of economies of scale and network effects.
Human Development Index(HDI)An indicator of the level of development for
each country constructed by the united nations, combining income, literacy, education, and life expectancy.
Primary Sector The sector of an economy making direct
use of natural resources Sectors that produce or obtain raw
materials or natural products Industries engaged in extraction of natural
resources
Quaternary sectorThe portion of an economy that is based of
knowledge applicable to some business activity that usually involves the provision of services.
NeocolonialismThe major world powers control the
economies of the poorer countries, even though the poorer countries are now politically independent states.
ProductivityThe value of a particular product compared
to the amount of labor needed to make it.
Value AddedDifference between the total sales revenue
of an industry and the total cost of components, materials, and services.
HDIHuman Development Index
Created by the United Nations, and recognizes that a country’s development level is a function of all three factors (economic, social, and demographic.)
MDCMore developed country
A country that has progressed relatively far along a continuum of development
Trickle-down TheoryAn economic theory of monetary benefits
directed by the government to big businesses that will in turn, pass down to and profit, smaller businesses and the general public.
Comparative AdvantageThe principle that an area produces the
items for which it has the greatest ratio of disadvantage in comparison to other areas, assuming free trade exists.
Tertiary SectorThe portion of the economy concerned with
transportation, communication, and utilities, sometimes extended to the provision of all goods and services to people in change for payment. I bet coach Woerner can’t tell what color this is!!! HAHAHA he is bald!!!!!
SUSTAINABLE DEVELOPMENTThe level of development that can be
maintained in a country without depleting resources to the extent that future generations will be unable to achieve a comparable level of development.
Economic indicatorAny economic statistic such as
unemployment rate GDP or the inflation rate
Basic IndustriesIndustries that sell their products or
services primarily to consumers outside the settlement
Ex. Agriculture, Chemicals, Steel, Metal, Manufacturing, etc.
Non-Basic IndustriesIndustries that sell their products primarily
to consumers in their community; small businesses that sell to local customers
Ex. Diners, service companies, Convenience stores, drug dealers, etc.
Comparative AdvantageConcept in economics that a country should
specialize in producing and exporting only those goods and services which it can produce more efficiently than other goods and services
Gross National Product Total market value of all goods and
services produced by a nation during a specific period.
John Mark Friend
LDCLess Developed Country classified by per
capita income, literacy rates, T.V.s per capita, and hospital beds per capita.
Ex: Middle East, South Asia, East Asia, Latin America, Southeast Asia, and Central Asia.
Brandt LineLine that divides the MDCs and the LDCs
Economic DevelopmentSustained, concentrated actions of policy
makers and communities that promote the standard of living and economic health of a specific area
Productivity The value of a particular product compared
to the amount of labor needed to make it.
Market orientationTendency of an economic activity to locate
close to its market; reflection of large and variable distribution costs.
Raw Material OrientationThe tendency of an economic activity to
locate near its raw material source.
Regional multiplierEconomic growth caused by economic
growth.EX: The discovery o steel leads to a steel
manufacturing business.
Quaternary SectorPart of the economy. Consists of
intellectual activities like government, culture, libraries, and scientific research.
- Jordan
Primary SectorThe portion of the economy concerned with
the direct extraction of materials from Earth’s surface, generally through agriculture, although sometimes through mining, fishing, and forestry.
Subsistent EconomyAn economy which refers simply to the
gathering or amassment of object value, the increase in wealth, or creation of wealth; focus on a ‘natural’ way of living.
Literacy RateThe percentage of a country’s people who
can read and writeLiteracy rate is usually higher in MDC’s
usually in 90%Affects the health, population, life
expectancy, infant mortality rate, natural increase rate, and crude birth rate.
All these affect the development
Import Substitution
A government strategy that replaces some imports to encourage local production of those products to generate employment.
Secondary Sector
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Economic IndicatorsA piece of economic data of macroeconomic scale,
that is used by investors to interpret current or future investments possibilities and judge the overall health of an economy. Economic indicators can potentially be anything the investor chooses, but specific pieces of data released by government and non-profit organizations have become widely followed.
Ex: unemployment, consumer price index, bankruptcies, price of crude oil
Brandt LineA line depicting the North-South divide
between the developed countries and the less developed countries. Created by West Germany Chancellor Willy Brandt in 1980.
Market-OrientationThe tendency of an economic activity to
locate close to its market; a reflection of large and variable distribution costs
NeocolonialismA disparaging reference to economic and
political policies by which major developed countries are seen to retain or extend influence over the economies of LDC’s and peoples
Control by a powerful country of its former colonies (or other LDC’s) by economic pressures
Import SubstitutionThe process by which domestic producers
provide goods or services that formerly were bought from foreign producers.