Changing Economic World

Changing Economic World

Key Words

Gross National Income (GNI) – value of goods and services produced by a country including income from overseas in a year.

Gross Domestic Product (GDP) – value of goods and services produced by a country in a year (does not included income from overseas).

Birth rate – number of live babies born per thousand.

Death rate – number of deaths per thousand.

Infant mortality rate – number of babies that die under 1 year per thousand.

Life expectancy – average age a person can expect to live to.

Literacy rate – percentage of adults who can read and write.

Education level – average number of years of schooling.

Human Development Index (HDI) – calculated using life expectancy, literacy rate, education level and income per head.

More Economically Developed Countries (MEDCs) – generally found in the north eg. USA, European countries, Australia & New Zealand.

Less Economically Developed Countries (LEDCs) – generally found in the south eg. India, China, Mexico, Brazil & all the African countries.

High Income Countries (HICs) – wealthiest countries in the world.

Low Income Countries ( LICs) – poorest countries in the world.

Newly Emerging Economies (NEEs) – rapidly getting richer countries.

Demographic Transition Model (DTM) – shows how changing birth rates and death rates affect population growth.

Natural increase – more people are being born than are dying, population is growing.

Natural decrease – more people are dying than being born, population is decreasing.

Debt relief – some or all of a country’s debt is cancelled, or interest rates are lowered.

Foreign-direct investment (FDI) – people or companies in one country buy property or infrastructure in another.

Fair Trade – farmers get a fair price for goods produced in LICs.

Intermediate Technology – tools, machines and systems that improve quality of life that are easy to use and cheap.

Microfinance Loans – small loans for people in LICs.


Also see Urban Issues & Challenges


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