Standard of Living Vocabulary

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Terms in this set (...)

Standard of Living
The level of wealth, comfort, material goods and necessities available to a group of people
Developed Nation
A country that has a well established economy and infrastructure (richer).
Developing Nation
A country that is still developing it's economy and infrastructure (poorer).
Literacy Rate
The percent of people over age 15 that can read and write.
Life Expectancy
The average age that a person is expected to live based off of a countries statistics.
Inflation
When items begin to cost more because there is more demand for them.
Infrastructure
Roads, bridges, schools. Things that hold a city together.
Gross Domestic Product (GDP)
The value of all goods a services a country produces in a year.
GDP Per Capita
The value of all goods and services a country produces in a year divided by its population. (similar to average annual income)
Human Development Index (HDI)
Ranking of countries based off of combined data of life expectancy, education, and GDP per capita
Gender Inequality Index (GII)
Ranking of countries based off of lack of opportunity for women
Infant Mortality
The death of children under the age of one year
Abject poverty
Extremely poor, living on less than $2/day
Poverty Line
Minimum income required to meet basic needs