Copyright

Global Economic Development Flashcards

Global Economic Development Flashcards
1/13 (missed) 0 0
Create Your Account To Continue Studying

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access
Lesser-Developed Countries (LDC) / Developing Countries

Nations that are not as economically mature as developed countries. We usually find these in Africa, Asia or Latin America.

Got it
Globalization: Effects

This process can cause domestic workers to lose jobs, because foreign labor is sometimes cheaper. It may increase profit for businesses by offering lower costs and more revenue.

Got it
Economic Inequality

Differences in the way income, wealth and assets are distributed among countries. We see this when comparing countries that have a lot of infrastructure with those that do not.

Got it
Developed Nations

Countries in this economic category are industrialized and have levels of per capita income that are fairly high. Canada, Taiwan and the U.S. are examples of this kind of country.

Got it
Long-Run Aggregate Supply Curve

A graph that can be used to show the growth of an economy. When the economy flourishes, the curve will shift to the right.

Got it
Economic Growth

The process that occurs when the potential economic output of a country increases for the long-run.

Got it
13 cards in set

Flashcard Content Overview

The flashcards within this set can help you go over the differences between developed, developing and transitional nations. You'll be able to focus on the impacts of economic globalization on these countries. Economic growth and inequality are also addressed by these cards. Additionally, you can go over theories related to economic development, including:

  • Modernization theory
  • Dependency theory
  • World-systems theory
Front
Back
Economic Growth

The process that occurs when the potential economic output of a country increases for the long-run.

Long-Run Aggregate Supply Curve

A graph that can be used to show the growth of an economy. When the economy flourishes, the curve will shift to the right.

Developed Nations

Countries in this economic category are industrialized and have levels of per capita income that are fairly high. Canada, Taiwan and the U.S. are examples of this kind of country.

Economic Inequality

Differences in the way income, wealth and assets are distributed among countries. We see this when comparing countries that have a lot of infrastructure with those that do not.

Globalization: Effects

This process can cause domestic workers to lose jobs, because foreign labor is sometimes cheaper. It may increase profit for businesses by offering lower costs and more revenue.

Lesser-Developed Countries (LDC) / Developing Countries

Nations that are not as economically mature as developed countries. We usually find these in Africa, Asia or Latin America.

Capital Flight

This occurs when wealthy people living in a LDC decide to choose other, more developed countries to deposit their money.

Dependency Theory

This theory looks at LDCs through the lens of Marxism. It focuses on how development in these countries is impacted by external factors.

Modernization Theory

The developmental theory that advocates LDCs growing in a way that will make them similar to Western cultures and that supports industrialization.

World-Systems Theory

A theory that divides countries into three groups: core, periphery and semi-periphery. It looks at different forms of capitalism and the effect of external factors on a country.

Economic Globalization

This occurs as economies around the world mix and grow interdependent, fostering open trade. It can lead to goods from one country being sold in many other locations and lower prices.

Transitional Countries

These are nations that are changing their economies to a market-based model from their previous economic models.

Lesser-Developed Countries (LDC) / Developing Countries: Effects of Globalization

This process can make it easier for these countries to acquire capital. It also helps them integrate into networks for global production.

To unlock this flashcard set you must be a Study.com Member.
Create your account

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member

Already a member? Log In

Support