Development Economics Flashcards

Only 10 flashcards are shown at a time! Once you’ve mastered these 10 Economic terms, click the shuffle button below for 10 new terms. There are approximately 45 flashcards covering Development Economics.

Export-led Growth
Click to view the definition
Click to view the Economic term

A strategy for economic growth and development focused on producing exports to sell to consumers in more developed countries. Also known as “outward-oriented” growth strategy.

Export-led Growth
Foreign Direct Investment (FDI)
Click to view the definition
Click to view the Economic term

Investment in factors of production abroad by multi-national corporations.

Foreign Direct Investment (FDI)
Opportunity cost
Click to view the definition
Click to view the Economic term

What must be given up to have anything else. Not necessarily monetary costs, rather include what you could do with the resources you use to undertake any activity or exchange.

Opportunity cost
Less Economically Developed Country (LEDC)
Click to view the definition
Click to view the Economic term

A term referring to a country in which average incomes are low (generally below $15,000 PPP per year), in which most people lack access to health care and education, often characterized by high levels of poverty. Includes many countries in Eastern Europe, Central and South Asia, South America and Southeast Asia and Africa.

Less Economically Developed Country (LEDC)
Lorenz Curve
Click to view the definition
Click to view the Economic term

A curve showing the distribution of income within a nation. Shows what percentage of the total income in a nation is earned by each quintile (e.g. the top 20% versus the middle or the bottom 20%)

Lorenz Curve
Sustainability
Click to view the definition
Click to view the Economic term

The ability to endure over time. Sustainable growth requires that resources are used at a rate at which they are able to replenish themselves and the environment is not despoiled in the process of production.

Sustainability
Development
Click to view the definition
Click to view the Economic term

Improvements in standards of living of a nation measured by income, education and health

Development
Sustainable development
Click to view the definition
Click to view the Economic term

A system for achieving improvements in living standards which is able to endure over a long period, characterized by the use of renewable resources and other technologies that both improve living standards and protect the environment

Sustainable development
Productivity
Click to view the definition
Click to view the Economic term

The output per unit of input of a resource. An important determinant of the level of aggregate supply in a nation. Will increase as a result of better or more capital, education and health, all which add to the human capital of a nation.

Productivity
Infrastructure
Click to view the definition
Click to view the Economic term

The physical assets of a nation which increase the efficiency with which the nation produces its output. Includes all the roads, electricity grids, water and sewage facilities, but also factories, airports, railways, tunnels, bridges schools and hospitals: anything that increases the productivity of labor in the nation.

Infrastructure

SHOW ME 10 NEW FLASHCARDS!!

Study Flashcards for a specific unit:

Leave a Comment