Growth VS Development
This term is defined as an increase in a country’s economic output, typically measured by increases in Gross Domestic Product (GDP).
What is economic growth?
In the growth cycle, if people only earn enough for food and shelter, they have no money for this, which is needed to fund new businesses .
What are savings?
This indicator measures the number of live births per 1,000 people and is typically higher in developing nations .
What is the birth rate?
Developing countries often struggle to attract investment because they lack a stable currency and this specific type of "system" that allows people to save or borrow money.
What is a stable banking system?
These are goods that the "Free Market" will never provide (like street lights) because you cannot exclude people from using them once they are built.
What are public goods?
Unlike growth, this multi-faceted concept refers to the improvement of people's standards of living and their freedom to reach their personal potential.
What is development?
This term refers to the skills, education, and quality of a labor force that are essential for improving a country's productivity .
What is human capital?
As of October 2015, a person is considered to be living in "absolute poverty" if they earn below this amount of money per day.
What is $1.90?
If a country relies almost entirely on one industry, like small-scale agriculture or raw copper, it faces this specific risk if international prices drop or a harvest fails.
What is overdependence on a narrow range of exports (or primary resources)?
This term describes the basic physical and organizational structures (like roads, power, and phone masts) needed for a society to operate.
What is Infrastructure?
These two economists are credited with creating the Human Development Index (HDI) to better measure progress beyond just income.
Who are Amartya Sen and Mahbub ul Haq?
On the development side of the poverty cycle, low incomes often mean families cannot afford school fees or uniforms, leading to low levels of this .
What is education?
This trend occurs when people move from the countryside to cities near ports or transport hubs in search of better opportunities
What is rural-urban migration?
This type of barrier includes being "landlocked" or lacking "natural harbors," which makes it much more expensive for a country to trade its goods with the rest of the world.
What are geographical barriers?
This is the specific share of the population that has the ability to read.
What is the Literacy Rate?
This specific index combines statistics for health (life expectancy), income (GNI per capita), and education to measure a country's development .
What is the Human Development Index (HDI)?
Without these gains in a workforce, the chances of increasing overall incomes remain low.
What are productivity gains?
This indicator, which measures the share of the population that can read, has seen significant progress, leading many to now measure "expected years of schooling" instead .
What is the literacy rate?
This challenge refers to a lack of basic physical structures like roads and power, as well as "low access" to this modern tool, which prevents a country from increasing its total income.
What is low technology access (or poor infrastructure)?
According to your assessment, living on an income below this set international level ($1.90 per day) is known as this.
What is Absolute Poverty?
Some argue that GDP is a misleading measure of progress because high incomes earned by a small group of people can hide the fact that the majority earn low wages—a problem known as this.
What is income inequality?
This specific injection into the circular flow of income is often missing in developing countries due to a lack of financial markets and institutions.
What is investment?
In developing countries, this specific procedure for childbirth is often more dangerous due to a lack of doctors and a high risk of infection .
What is a caesarean section?
These are the "rules" and "organizations" of a country; if they involve heavy bureaucracy or illegal activities like corruption, they act as a major barrier to development.
What are unsupportive institutional frameworks?
When a country relies on a very small variety of products to sell to other countries, it is said to have an "overdependence on a narrow range of" this.
What is Industrial Output (or Primary Resources)?