Development Economics (Quizlet Revision Activity)

20 concepts linked to development economics are included in this 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.

In this video we explore some of the key interpretations of what economic development means.