Development economics l-n
Terms in this set (15)
Less Developed country
A country that is at a relatively early stage in the process of economic development
least developed country
The very poorest of the Less Developed Countries.
Amount of loan that must be repaid
A curve showing the proportion of income earned by a cumulative percentage of the population.
More developed country: Low population growth/birth rate, high income per capita, high HDI ranking, high degree of industrialisation, tend to produce secondary and tertiary goods
Measurable Economic Welfare
Adjusts GDP by adding the value of e.g. leisure time, D.I.Y. and unpaid housework and deducting expenditure on e.g. defence, police and road maintenance and negative externalities.
A micro-credit scheme is aimed at providing people with small loans which is used to purchase capital
Aid channeled through international organisations.
Multinational Corporation (MNC)
A company which produces in more than one country
Natural Factors of Production
A country's endowments in natural resources- land- such as minerals, forests, arable land for agriculture, plant and animal diversity etc
The view that markets operate efficiently and that the way to increase output and employment is to raise aggregate supply.
The positive difference between immigration and emigration
NIC (Newly Industrialized Country)
Nations who have industrialized in recent years.
Non convertible currency
A currency that cannot be exchanged for another currency.
Non Governmental Organizations (NGOs)
Privately owned organizations involved in providing financial and technical assistance to less developed countries.