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