Economic development

Development
Use of resources and application of technology to improve the standard of living within a country
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Quality of life
All the factors that affect a person's general well-being and happiness
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Sustainable development
Development that meets the needs of the present without harming the ability of future generations to meet their own needs
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GDP (Gross Domestic Product)
The total value of goods and services produced by a country in a year
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North-South divide
Simplistic division between MEDCs (mainly in the north) and LEDCs (mainly in the south)
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Product chain
Full sequence of activities needed to turn raw materials into a finished product
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Foreign direct investment
Overseas investment in physical capital by MNCs
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Multinational companies (MNCs)
Firms that produce goods in more than one country
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Subsistence farming
Basic agriculture where the produce is consumed entirely or mainly by the family who tend the livestock or work the land
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Outsourcing
Where a company contracts out some of its work to another company, to save money or if a company lacks specific skills
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Extensive farming
When one type of farming and large farms dominate a very large area. Low inputs per hectare in comparison to intensive farming
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Back offices
Offices of a company handling communications, increasingly decentralised to areas where costs are lower
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Global city
Major world city supplying financial, business and other services all over the world. Location of major stock markets and headquarters of MNCs
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High-technology cluster
Where high-tech companies group together in a region because their location factors are similar and they benefit from being in close proximity with one another
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Globalisation
The increasing interconnectedness and interdependence of the world economically, culturally and politically
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New international division of labour (NIDL)
Divides production into different skills and tasks which are spread across regions and countries rather than within a single company
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Optimum location
The location which best satisfies a company's objectives - generally where they can make maximum profit
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Periphery
Parts of a country outside the economic core region, with significantly lower level of economic development
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Deindustrialisation
The long term decline of employment in manufacturing
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Dependent
When an area is reliant on one company or one type of company for the majority of its employment
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Reindustrialisation
The establishment of new industries in a country or region after considerable decline of traditional industries
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Niche markets
Small markets dealing in a specialised product
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Global civil society
International groups, associations and movements that are not controlled by the state government
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Carbon footprint
The effect of human activity on the climate in terms of greenhouse gas production
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Greenhouse effect
The property of the Earth's atmosphere which traps or reflects heat rays from the Earth's surface
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Thermal expansion
As sea and ocean temperatures increase, water molecules near the surface expand and the sea level rises
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Biofuels
Fuel derived from renewable biological sources such as plants or animal waste
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Community energy
Energy produced close to the point of consumption
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Low-carbon economy
A country where significant measures have been taken to reduce CO2 emissions in all sectors of the economy
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International aid
The giving of resources by one country or organisation to a poorer country, primarily to improve the economy and quality of life in the poorer country
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Other cards in this set

Card 2

Front

All the factors that affect a person's general well-being and happiness

Back

Quality of life

Card 3

Front

Development that meets the needs of the present without harming the ability of future generations to meet their own needs

Back

Preview of the back of card 3

Card 4

Front

The total value of goods and services produced by a country in a year

Back

Preview of the back of card 4

Card 5

Front

Simplistic division between MEDCs (mainly in the north) and LEDCs (mainly in the south)

Back

Preview of the back of card 5
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