Terms and Concepts
What is the definition of Gross National Income (GNI)?
The total amount of factor incomes earned by residents of a country
What % of the world was in extreme poverty in 1990?
35%
How many of Rostos's stages of growth were there?
Five
What is a model of development?
A model of development is a way to explain how economies grow and improve over time, focusing on factors like industry, trade, and living standards.
What does (GDP)stand for ?
Gross Domestic Product
How many people earned less than $2 a day
800 million
What are the 5 stages of growth
1.)Traditional Society
2.)Preconditions for Take-off
3.)Take-off
4.)Drive to Maturity
5.)Age of High Mass Consumption
How is Rostow’s model different from newer models of development?
Rostow’s model suggests all countries follow the same five-step path to development, while newer models recognize that each country has a unique path influenced by history, culture, and global connections.
Define Gross National Income (GNI)
The total amount of factor incomes earned by residents of a country
In which two countries rose out of extreme poverty?
India and China
How does Rostow's model explain the process of economic development?
It suggests that all countries go through these five stages, starting from simple economies and moving towards modern, industrialized societies. Investment in industry and infrastructure helps them progress.
How does globalization affect development?
Globalization connects countries through trade and technology, which can help some countries grow but also create challenges for others.
What dose (MDC) stand for
More Developed Countries
What are the 5 countries that make up BRICS?
Brazil, Russia, India, China, South Africa.
What are some criticisms of Rostow's models?
Some say the model is too simple and assumes all countries follow the same path. It doesn’t consider history, culture, or outside influences like colonization, which may slow or change development.
What was his main idea about economic development?
He believed all countries go through five stages of growth, moving from simple, farming-based economies to modern, industrialized ones.
What does (PPP) stand for, and define the term
Purchasing Power Parity
-Accounts for differences in the cost of living and goods between two places to allow for a more meaningful comparison
What is a Developing Country?
A less developed country on a pathway to improving.
How has Rostow's model influenced governments?
Many governments have used it to focus on building industries and infrastructure to speed up development. However, not all countries have followed this exact path, leading to debates about its accuracy.
What is the primary goal of development models?
The main goal of development models is to explain how countries grow and improve their economies, helping them create strategies for progress in areas like industry, trade, and living standards.