20 concepts linked to development economics are included in this new Quizlet matching activity!
Here are some key economic development terms to revise
Aid Development - assistance from one country to another
Brain drain - the movement of highly skilled people from their own country to another nation where they can earn more money.
Capital flight - the rapid movement of large sums of money out of a country
Catch-up effect - occurs when countries that start off poor tend to grow more rapidly than countries that start off rich
Conditionality - when donors require their developing country partners to do something in order to receive aid
Debt deflation - when falling prices lead to an increase in the real cost of servicing / repaying loans
Debt relief - the cancellation, rescheduling, refinancing of a nation's external loans
Disguised unemployment - where part of the labour force is either left without work or is working in a redundant manner
Economic growth - an increase in the long-run productive potential
Economic development - progress in expanding freedoms, opportunities and growth in personal and national capabilities
Emerging economy - A country becoming more advanced, usually by means of rapid growth, urbanization and industrialization.
Fragile states - Where government cannot or will not deliver core functions to the majority of its people, including the poor.
Human capital - Skills, experience, attitudes and aptitudes of the labour force
Lewis Turning Point - When a country's surplus labour evaporates, pushing up wages, consumption and inflation rates.
Poverty Line - Income level considered minimally sufficient to sustain a family with food, housing, clothing, medical needs, and so on.
Prebisch-Singer Hypothesis - An observation (not a theory) that the terms of trade between primary goods and manufactured products deteriorate over time
Remittances - When migrants send home part of their earnings in either cash or goods to support their families.
Sovereign Wealth Fund - A government or state-run fund usually created by profits from natural resources
Specialisation - When economic agents concentrate on making one product to create a surplus to trade.
Sustainable development - To leave future generations the capacity to be as well off as we are.
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