Rubenstein Chapter 9
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17 terms
Terms | Definitions |
|---|---|
 Development | A process of improvement in the material conditions of people through diffusion of knowledge and technology |
| Fair Trade | Alternative to international trade that emphasizes small businesses and worker owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organizing, and comply with minimum environmental and safety standards |
| Foreign Direct Investment | Investment made by a foreign company in the economy of another country |
| Gender related development index | Compares the level of development of women with that of both sexes |
| Gross Domestic product | The value of the total output of goods and services produced in a country in a given time period (normally 1 year) |
| Human Development Index | Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy |
| Less developed country | Also known as a developing country, a country that is at a relatively early stage in the process of economic development |
| Literacy rate | The percentage of a country's people who can read and write |
| More developed country | Also known as a relatively developed country or a developed country, a country that has progressed relatively far along a continuum of development |
| Primary sector | The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry |
| Productivity | The value of a particular product compared to the amount of labor needed to make it |
| Secondary sector | The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials |
| structural adjustment program | Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controlling inflation, selling publicly owned utilities to private corporations, and charging citizens more for services |
| Tertiary sector | 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 payments |
| Transnational corporation | A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located |
| Value added | The gross value of the product minus the costs of raw materials and energy |
| Gender Empowerment Measure | Compares the ability of women and men to participate in economic and political decision making |
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