module 10(chapter 7) GEOGRAPHIES OF ECONOMIC DEVELOPMENT
● Economic development is the process of improving the economic well-being of a
region or country, typically through increased production, income, and
employment opportunities.
● Gross domestic product (GDP) is the total value of goods and services produced
within a country in a given period of time, typically a year.
● Per capita GDP is the GDP divided by the population, providing a measure of
average income per person.
● Economic growth is the increase in production, income, and employment
opportunities over time, often measured as a percentage change in GDP.
● Economic inequality refers to the unequal distribution of income and wealth
within a society, often measured using the Gini coefficient or other indicators.
● Industrialization is the process of shifting from an agricultural and artisan-based
economy to a manufacturing-based economy, often involving the introduction of
new technologies and systems of production.
● Globalization is the process of increasing interconnectedness and
interdependence among people, businesses, and countries around the world,
often driven by advances in transportation, communication, and technology.
● Foreign direct investment (FDI) is the investment by a company or individual in a
foreign country, often involving the establishment of a subsidiary or the
acquisition of an existing business.
● Free trade is the policy of reducing or eliminating barriers to international trade,
such as tariffs, quotas, and regulations.
● Regional economic integration is the process of forming economic partnerships
among neighbouring countries, often involving the establishment of free trade
agreements or customs unions.
● Neoliberalism is an economic ideology that emphasizes the role of free markets,
individual choice, and private enterprise in promoting economic growth and
development.
● Informal economy is the portion of economic activity that is not regulated or
taxed by the government, often involving self-employment, small-scale
entrepreneurship, and unregistered businesses.
● Economic development strategies include industrial policies, export-led growth,
import substitution, and human development approaches.
● Sustainable development is a development approach that aims to balance
economic growth with environmental protection and social equity, often
emphasizing the need for resource conservation and social inclusion.
● The digital divide is the gap between those who have access to digital
technologies and those who do not, often resulting in inequalities in education,
employment, and economic opportunities.
Key terms:
● Economic development is the process of improving the economic well-being of a
region or country, typically through increased production, income, and
employment opportunities.
● Gross domestic product (GDP) is the total value of goods and services produced
within a country in a given period of time, typically a year.
● Per capita GDP is the GDP divided by the population, providing a measure of
average income per person.
● Economic growth is the increase in production, income, and employment
opportunities over time, often measured as a percentage change in GDP.
● Economic inequality refers to the unequal distribution of income and wealth
within a society, often measured using the Gini coefficient or other indicators.
● Industrialization is the process of shifting from an agricultural and artisan-based
economy to a manufacturing-based economy, often involving the introduction of
new technologies and systems of production.
● Globalization is the process of increasing interconnectedness and
interdependence among people, businesses, and countries around the world,
often driven by advances in transportation, communication, and technology.
● Foreign direct investment (FDI) is the investment by a company or individual in a
foreign country, often involving the establishment of a subsidiary or the
acquisition of an existing business.
● Free trade is the policy of reducing or eliminating barriers to international trade,
such as tariffs, quotas, and regulations.
● Regional economic integration is the process of forming economic partnerships
among neighbouring countries, often involving the establishment of free trade
agreements or customs unions.
● Neoliberalism is an economic ideology that emphasizes the role of free markets,
individual choice, and private enterprise in promoting economic growth and
development.
● Informal economy is the portion of economic activity that is not regulated or
taxed by the government, often involving self-employment, small-scale
entrepreneurship, and unregistered businesses.
● Economic development strategies include industrial policies, export-led growth,
import substitution, and human development approaches.
● Sustainable development is a development approach that aims to balance
economic growth with environmental protection and social equity, often
emphasizing the need for resource conservation and social inclusion.
● The digital divide is the gap between those who have access to digital
technologies and those who do not, often resulting in inequalities in education,
employment, and economic opportunities.
Key terms:
