Term
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Definition
| an increase in the standards of living. It is a qualitative measure, taking into account factors like education and health. |
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Term
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Definition
| inability to just meet basic human physical needs; 20% falls under line; Bangladesh |
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Term
| Aid v trade (as a development strategy) |
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Definition
aid = specifically targeted; fast response to crisis; short-term
::: trade = long-term; sustainable |
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Term
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Definition
| MEDCs think that problems in own countries more important than problems in LEDCs |
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Term
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Definition
| uses local material/labor/capital |
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Term
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Definition
| directly between two countries |
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Term
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Definition
| Skilled professionals work abroad for more pay/opportunities |
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Term
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Definition
| Elites invest oversees; capital leaves domestic circular flow |
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Term
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Definition
| unequal income distribution; high unemployment; low GNP per capita; primary production; unequal economic power |
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Term
| Commodity pricing agreements |
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Definition
| price agreements b/t exporting/importing countries; attempt to stabilize price in developing countries |
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Term
| Commodity concentration of exports |
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Definition
| one or a few commodities responsible for most exports in developing country |
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Term
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Definition
| easily exchanged; eg. US$ |
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Term
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Definition
| increasing choices/standard of living; Project examples = maternity clinics/spacing children, agriculture extension projects, schools, HIV/AIDS awareness/prevention projects, clean water projects/well drilling, increased access to technology, literacy programmes, health education, microcredit schemes, immunization and vocational training |
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Term
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Definition
| upset of development; getting poor standards of living; hindering of growth |
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Term
| Dual sector growth model (Lewis) |
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Definition
| assumes many LEDCs have both traditional and industrial sectors; Lewis model = key is to increase savings/investment, pull factors from industry attract rural workers, output doesn't decrease but incomes go up |
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Term
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Definition
| development must be by the people, not for them; not just giving aid |
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Term
| Export-led growth (outward-oriented strategies) |
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Definition
| stresses export markets --> AD increases |
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Term
| Fair trade (organizations) |
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Definition
| certification allowing socially conscious consumers to identify min standards with goods |
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Term
| Foreign direct investment (FDI) |
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Definition
| establishes new firm in foreign country; investor has control over assets |
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Term
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Definition
| group of industrialized countries |
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Term
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Definition
| 8 most industrialized countries |
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Term
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Definition
| loans that have been cancelled and no longer need to be paid back; form of official relief aid |
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Term
| Gross National Happiness (Bhutan), as an alternative indicator to GDP/GNP |
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Definition
| measures well-being, used in Bhutan, preferred to HDI by some |
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Term
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Definition
| shift PPF curve outwards, measured in increase in GDP |
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Term
| Growth is not development |
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Definition
| doesn't take into account indicators of well-being, like avg life expectancy, avg literacy rate, child mortality, income gap |
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Term
| Harrod-Domar growth model |
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Definition
| growth strategy that emphasizes savings to fund entrepreneurship; leads to increase in output |
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Term
| Heavily Indebted Poor Countries (HIPCs) |
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Definition
| spend much GDP on servicing loans |
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Term
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Definition
| collective intellectual/manual skill employed/owned by company |
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Term
| Human Development Index (HDI) |
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Definition
| considers GDP/capita, life expectancy, avg literacy rate, % of pop in primary school, and others |
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Term
| Human Suffering Index (HSI) |
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Definition
| considers GDP/capital, health indicators, % of pop in absolute poverty |
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