All Flashcards
What is GDP per capita?
Total value of goods/services produced in a country, divided by its population.
What is Gross National Income (GNI)?
GDP + (Exports - Imports). Accounts for international trade.
What is the Human Development Index (HDI)?
A composite score based on life expectancy, education, and income.
What is the Multidimensional Poverty Index (MPI)?
Looks at poverty through health, education, and living standards.
What is the Gender Development Index (GDI)?
Measures gender inequalities in life expectancy, education, and income.
What is the Environmental Performance Index (EPI)?
Assesses a country's environmental health and sustainability.
What is Gross Domestic Product (GDP)?
The total monetary value of all goods and services produced within a country’s borders in a year.
What is 'per capita'?
Dividing a total value by the population to get an average per person.
What is a trade deficit?
When a country imports more than it exports.
What are fertility rates?
Number of children born to a woman. High rates can indicate a lack of access to family planning.
What are infant mortality rates?
Deaths of infants under one year per 1,000 births. High rates suggest poor healthcare.
What are literacy rates?
Percentage of the population that can read and write. Indicates educational levels.
What is the formal economy?
Organized, regulated, and taxed by the government. Included in GDP/GNI calculations.
What is the informal economy?
Unregulated, untaxed, and often cash-based.
Why is GNI considered a more accurate measure than GDP?
It accounts for international trade (exports - imports).
Why are per capita values important?
To compare countries with different population sizes, leveling the playing field.
What does a large formal economy indicate?
Usually indicates a more developed country.
Why is the Gender Development Index (GDI) important?
Highlights gender-based disparities even in countries with high HDI scores.
What are the impacts of trade deficits?
May indicate over-reliance on foreign goods, can lead to currency outflow, may signal decline in domestic industries.
What do high infant mortality rates suggest?
Poor healthcare.
What do high literacy rates indicate?
High educational levels.
What do high social indicators correlate with?
High levels of development.
What are the limitations of using only economic indicators?
They do not account for the distribution of wealth or social and environmental well-being.
What are the impacts of gender inequality?
Limits women's potential, hinders societal development, and perpetuates cycles of poverty.
Compare GDP and GNI.
GDP: Goods/services produced within a country. GNI: GDP + (exports - imports). GNI accounts for international trade.
Compare formal and informal economies.
Formal: Regulated, taxed, included in GDP. Informal: Unregulated, untaxed, not included in GDP.
Compare HDI and GDI.
HDI: Overall development. GDI: Gender inequalities in development.
Compare GDP per capita and GNI per capita.
GDP per capita: Average income within a country. GNI per capita: Average income including international trade.
Compare economic and social measures of development.
Economic: Focus on wealth and income. Social: Focus on health, education, and well-being.
Compare developed and developing countries based on economic indicators.
Developed: High GDP/GNI, large formal economy. Developing: Low GDP/GNI, large informal economy.
Compare developed and developing countries based on social indicators.
Developed: High literacy, life expectancy, low infant mortality. Developing: Low literacy, life expectancy, high infant mortality.
Compare the impact of trade surpluses and trade deficits.
Trade Surplus: Exports > Imports, can boost economy. Trade Deficit: Imports > Exports, can lead to currency outflow.
Compare the use of GDP and GDP per capita in assessing development.
GDP: Total size of economy. GDP per capita: Average income, accounts for population size.
Compare the focus of MPI and HDI.
HDI: Broader measure of development. MPI: Focuses specifically on multidimensional poverty.