AP Human Geography: 'Economic Development'

development
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Terms in this set (28)
development
A process of improvement in the material conditions of people through diffusion of knowledge and technology
Image: development
Foreign Direct investment (FDI)
Investment made by a foreign company in the economy of another country
Image: Foreign Direct investment (FDI)
Gender Empowerment Measure (GEM)
Compares the ability of women and men to participate in economic and political decision making.
Image: Gender Empowerment Measure (GEM)
Gender-Related Development Index (GDI)
Compares the level of development of women with that of both sexes.
Image: Gender-Related Development Index (GDI)
Gross domestic product (GDP)
The value of the total output of goods and services produced in a country in a given time period (normally 1 year).
Image: Gross domestic product (GDP)
Human Development Index (HDI)
Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.
Image: Human Development Index (HDI)
Less Developed Country (LDC)
A country that is at a relatively early stage in the process of economic development.
Image: Less Developed Country (LDC)
literacy rate
The percentage of a country's people who can read and write.
Image: literacy rate
More Developed Country (MDC)
A country that has progressed relatively far along a continuum of development.
Image: More Developed Country (MDC)
primary economic 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. Very prominent in LDC's
Image: primary economic sector
productivityThe value of a particular product compared to the amount of labor needed to make it.secondary economic sectorThe 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. Very prominent in LDC'sstructural adjustment programEconomic 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.Rostow's Five Stages of Development1. Traditional Society-rigid institutions, low productivity, little infrastructure, dependence on subsistence agriculture 2. Preconditions for takeoff- Improve institutional structure, increased agricultural productivity, emergence of an entrepreneurial class 3. Takeoff into sustained growth- Increased saving and investment, rapid industrialization, growth enhancing policies 4. Drive to maturity- Spread of growth process to lagging industrial sectors 5. High mass consumption- High per capita GDP attained and accessible to most of populationWallerstein's World Systems Theory1. The world economy has one market and a global division of labor. 2. Although the world has multiple states, almost everything takes place within the context of the world economy. 3. The world economy has a three-tier structure. (Peripheral, Semi-peripheral, Core)tertiary economic sectorThe 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. Very prominent in LDC'squaternary economic sectorThe quaternary sector of the economy consists of intellectual activities. Activities associated with this sector include government, culture, libraries, scientific research, education, and information technology.quinary economic sectorIncludes the highest levels of decision making in a society or economy. This sector would include the top executives or officials in such fields as government, science, universities, nonprofit, healthcare, culture, and the media.renewable energyenergy from a source that is not depleted when used, such as wind or solar power.nonrenewable energyA source of energy that is a finite supply capable of being exhausted.Gross National Income (GNI)The country's gross domestic product AND the money earned abroad by its citizens.geothermal energyEnergy derived from the heat in the interior of the earthsemi-periphery statesThose newly industrialized countries with median standards of living, such as Chile, Brazil, India, China, and Indonesiaperiphery statesThe least developed and least powerful nations; often exploited by the core countries as sources of raw materials, cheap labor, and marketscore statesMDC's that control global economy and control almost 50% of industries in the worldWorld BankA specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation.World Trade Organization (WTO)A permanent global institution to promote international trade and to settle international trade disputesDependency Theorya model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones

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