Human Development Index & Economic Development
development
(Noun) the process of gradually becoming bigger, better, stronger, or more advanced.
What are the components of the HDI?
-Life expectancy at birth -Mean years of schooling -Expected years of schooling -Gross national income (GNI) per captia
export
A good or service produced in the home country is sold in another country.
standard of living
A measure of quality of life based on the amounts and kinds of goods and services a person can buy.
Mean years of schooling
Average number of years of education received by people ages 25 and older
economic indicators
Economic information used to measure the economy; includes gross domestic product, consumer price index, inflation rate, and unemployment rate.
Economic development
Improvement of human standards of living
Gross national income (GNI) per capita
Income of an economy generated by its production minus the income paid for the use of factors of production from the rest of the world
economic growth
Increases in total real output produced by an economy over a period of time.
social indicators
Measurements of quality of life, such as health, education, housing and employment
What is HDI?
Measures achievement of human development—a long and healthy life, knowledge and a decent standard of living.
Life expectancy at birth
Number of years a newborn is expected to live
Expected years of schooling
Number of years of schooling that a child of school entrance age can expect to receive
Inequality of wealth
The gap in income between a country's richest and poorest people.
infant mortality rate
The total number of deaths in a year among infants under one year old for every 1,000 live births in a society.
import
a good or service brought in from another country for sale
employment
a paid job.
wealth
amount of money, property etc that a person or country owns.
poverty
being poor
trade
buying, selling, or exchanging goods within a country or between countries.
GNP per capita
divides the GNP by the population of the country
overpopulated
having more people in a given area than the resources can support
social development
increasing the well being of all in the society
income distribution
is how a nation's total GDP (gross domestic product) is distributed amongst its population.
Literacy Rate
percentage of people who can read and write
labor
physical work
income gap
the difference in money made between the rich and the poor of a country.
life expectancy
the number of years a person can expect to live
globalization
the process of making something such as a business operate in a lot of different countries all around the world
supply and demand
the relationship between the number of goods for sale and the amount of goods that people want to buy
poverty line
the specific amount of income needed for a basic living
economics
the study of the way in which money and goods are produced and used.
GNP (Gross National Product)
the total value of all goods and services produced by a county in a time period
underpopulated
too few people living in one are to use the resources available efficiently