Economic Development

jestep's version from 2016-03-11 03:12


Question Answer
What is economic development?the process of improving the material condition of people through the growth and diffusion of technology and diffusion
What are MDCs economies like?post-industrial and tertiary heavy
What are LDCs economies like?pre-industrial and primary heavy
What are MDCs societies like?high standards of living
What are LDCs societies like?low standard of living and little access to consumer goods
What is Gross Domestic Product (GDP)?the total value of all goods/services produced in a country per year
What is The Development Gap?the difference between development levels in MDCs and LDCs is widening
What are examples of barriers for development?lack of natural resources, poverty, gender inequality, infectious disease, and relative location, foreign debt, political corruption & instability, lack of infrastructure, and dependency theory
What is the Modernization Theory?the economic development process is possible for all countries
Who came up with the Modernization Theory?Walt Rostow