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Development powerpoint of vocab


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Development powerpoint of vocab

  1. 1. Development
  2. 2. Agglomeration economies <ul><li>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. </li></ul>
  3. 3. Human Development Index(HDI) <ul><li>An indicator of the level of development for each country constructed by the united nations, combining income, literacy, education, and life expectancy. </li></ul>
  4. 4. Primary Sector <ul><li>The sector of an economy making direct use of natural resources </li></ul><ul><li>Sectors that produce or obtain raw materials or natural products </li></ul><ul><li>Industries engaged in extraction of natural resources </li></ul>
  5. 5. Quaternary sector <ul><li>The portion of an economy that is based of knowledge applicable to some business activity that usually involves the provision of services. </li></ul>
  6. 6. Neocolonialism <ul><li>The major world powers control the economies of the poorer countries, even though the poorer countries are now politically independent states. </li></ul>
  7. 7. Productivity <ul><li>The value of a particular product compared to the amount of labor needed to make it. </li></ul>
  8. 8. Value Added <ul><li>Difference between the total sales revenue of an industry and the total cost of components, materials, and services. </li></ul>
  9. 9. HDI <ul><li>Human Development Index </li></ul><ul><li>Created by the United Nations, and recognizes that a country’s development level is a function of all three factors (economic, social, and demographic.) </li></ul>
  10. 10. MDC <ul><li>More developed country </li></ul><ul><li>A country that has progressed relatively far along a continuum of development </li></ul>
  11. 11. Trickle-down Theory <ul><li>An 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. </li></ul>
  12. 12. Comparative Advantage <ul><li>The 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. </li></ul>
  13. 13. Tertiary Sector <ul><li>The 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!!!!! </li></ul>
  14. 14. SUSTAINABLE DEVELOPMENT <ul><li>The 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. </li></ul>
  15. 15. Economic indicator <ul><li>Any economic statistic such as unemployment rate GDP or the inflation rate </li></ul>
  16. 16. Basic Industries <ul><li>Industries that sell their products or services primarily to consumers outside the settlement </li></ul><ul><li>Ex. Agriculture, Chemicals, Steel, Metal, Manufacturing, etc. </li></ul>
  17. 17. Non-Basic Industries <ul><li>Industries that sell their products primarily to consumers in their community; small businesses that sell to local customers </li></ul><ul><li>Ex. Diners, service companies, Convenience stores, drug dealers, etc. </li></ul>
  18. 18. Comparative Advantage <ul><li>Concept 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 </li></ul>
  19. 19. Gross National Product <ul><li>Total market value of all goods and services produced by a nation during a specific period. </li></ul><ul><li>John Mark Friend </li></ul>
  20. 20. LDC <ul><li>Less Developed Country classified by per capita income, literacy rates, T.V.s per capita, and hospital beds per capita. </li></ul><ul><li>Ex: Middle East, South Asia, East Asia, Latin America, Southeast Asia, and Central Asia. </li></ul>
  21. 21. Brandt Line <ul><li>Line that divides the MDCs and the LDCs </li></ul>
  22. 22. Economic Development <ul><li>Sustained, concentrated actions of policy makers and communities that promote the standard of living and economic health of a specific area </li></ul>
  23. 23. Productivity <ul><li>The value of a particular product compared to the amount of labor needed to make it. </li></ul>
  24. 24. Market orientation <ul><li>Tendency of an economic activity to locate close to its market; reflection of large and variable distribution costs. </li></ul>
  25. 25. Raw Material Orientation <ul><li>The tendency of an economic activity to locate near its raw material source. </li></ul>
  26. 26. Regional multiplier <ul><li>Economic growth caused by economic growth. </li></ul><ul><li>EX: The discovery o steel leads to a steel manufacturing business. </li></ul>
  27. 27. Quaternary Sector <ul><li>Part of the economy. Consists of intellectual activities like government, culture, libraries, and scientific research. </li></ul><ul><li>- Jordan </li></ul>
  28. 28. Primary Sector <ul><li>The 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. </li></ul>
  29. 29. Subsistent Economy <ul><li>An 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. </li></ul>
  30. 30. Literacy Rate <ul><li>The percentage of a country’s people who can read and write </li></ul><ul><li>Literacy rate is usually higher in MDC’s usually in 90% </li></ul><ul><li>Affects the health, population, life expectancy, infant mortality rate, natural increase rate, and crude birth rate. </li></ul><ul><li>All these affect the development </li></ul>
  31. 31. Import Substitution <ul><li>A government strategy that replaces some imports to encourage local production of those products to generate employment. </li></ul>
  32. 32. Secondary Sector <ul><li>The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials. </li></ul>
  33. 33. Economic Indicators <ul><li>A 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. </li></ul><ul><li>Ex: unemployment, consumer price index, bankruptcies, price of crude oil </li></ul>
  34. 34. Brandt Line <ul><li>A line depicting the North-South divide between the developed countries and the less developed countries. Created by West Germany Chancellor Willy Brandt in 1980. </li></ul>
  35. 35. Market-Orientation <ul><li>The tendency of an economic activity to locate close to its market; a reflection of large and variable distribution costs </li></ul>
  36. 36. Neocolonialism <ul><li>A 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 </li></ul><ul><li>Control by a powerful country of its former colonies (or other LDC’s) by economic pressures </li></ul>
  37. 37. Import Substitution <ul><li>The process by which domestic producers provide goods or services that formerly were bought from foreign producers. </li></ul>
  38. 38. Developing Country <ul><li>A country that has made some progress and expects to continue improving the material conditions of people, through knowledge and technology </li></ul>
  39. 39. Literacy Rate <ul><li>The percentage of a country's people who can read and write. </li></ul><ul><li>Exceeds 98% in MDCs in contrast with less than 60% in LDCs. </li></ul>
  40. 40. Less Developed Country <ul><li>A country relatively early stage in the process of economic development. </li></ul>
  42. 42. Developing Country <ul><li>A more politically correct term used in place of LDC or third world country. </li></ul>
  43. 43. Rostow’s Modernization Model <ul><li>A five stage model of development developed by W.W. Rostow. </li></ul><ul><li>Traditional society- Not yet started development </li></ul><ul><li>The preconditions for take off- starts to invest in new technologies. </li></ul><ul><li>The take off- Rapid growth, and areas of the economy start to be productive </li></ul><ul><li>The drive to maturity- Workers become skilled and specialized, </li></ul>