GGY Chapter 9 Flashcards

Undeveloped Countries

3rd world countries, export raw materials to the MDC or DC

Developing

2nd world countries, Imports raw materials to be created into
finished goods for export

Developed/industrialized

1st world countries, imports more than exports

Core and Periphery

In an increasingly unified world economy, developed countries form an
inner core area.

Human Development Index (HDI)

Created by the united nations, to get an idea of development beside
just using economic standards

Inequality-Adjsutment HDI

The UN believes that every person should have access to decent
standards of living, knowledge and health

Gross Domestic Product

monetary value of all the finished goods and services produced within
a country's borders in a specific time period

Economic Structure

Jobs fall into 3 categories; primary (agriculture), Secondary
(manufacturing), and Tertiary (services)

Productivity

Is the value of particular product compared to the amount of labor
needed to make it

Consumer Goods

Part of the wealth generated in developed countries us used to
purchase good and services

Labor

The labor participation rate is the % of women holding full time jobs
outside the home

Self-sufficency

investment is spread as equally as possible across all sectors of a
country's economy and in all regions

WTO

works to reduce barriers to trade in 3 ways,
reduce or eliminates restrictions, enforce, and protect intellectual property