Economic Development
Economic Growth: What is the increase in the production of
goods and services over time?
Development: What is the process of improving the quality of
life of people in a country?
Human Development Index: What is a measure of a country's
overall development based on health, education, and income?
Poverty: What is the state of being poor or lacking resources?
Inequality: What is the unequal distribution of wealth or
opportunities?
Foreign Aid: What is the provision of goods, services, or money
to another country?
Globalization: What is the increasing interconnectedness of the
world's economies?
Trade Liberalization: What is the reduction of barriers to
international trade?
Public Goods: What are goods that are non-excludable and non-
rivalrous?
Private Goods: What are goods that are excludable and
rivalrous?
Inflation: What is a sustained increase in the general price level
of goods and services?
Deflation: What is a sustained decrease in the general price level
of goods and services?
Monetary Policy: What is the government's control over the
money supply and interest rates?
Fiscal Policy: What is the government's use of spending and
taxation to influence the economy?
Exchange Rate: What is the value of one currency relative to
another currency?
International Trade: What is the exchange of goods and services
between countries?
Balance of Trade: What is the difference between a country's
exports and imports?
Trade Barriers: What are obstacles to international trade, such
as tariffs and quotas?
Tariffs: What are taxes on imported goods?
Quotas: What are limits on the quantity of goods that can be
imported?
Developing Countries: What are countries with low levels of
economic development?
International Monetary Fund: What is an international
organization that promotes economic cooperation and financial
stability?
World Trade Organization: What is an international
organization that regulates international trade?
Resource Scarcity: What is the lack of availability of resources?
Questions to ask….
What is the name of the organization that publishes the
Human Development Report?
• The United Nations Development Programme (UNDP)
publishes the Human Development Report.
What is the name of the economic theory that emphasizes the
role of government intervention in promoting economic
development?
• Keynesian economics emphasizes the role of government
intervention in promoting economic development.
What is the name of the international organization that
provides loans to developing countries?
• The World Bank is an international organization that
provides loans to developing countries.
What is the difference between economic growth and economic
development?
• Economic growth refers to the increase in the production of
goods and services over time. Economic development is a
broader concept that includes improving the quality of life of
people, reducing poverty, and promoting social equity.
Name two common indicators of economic development.
• Two common indicators of economic development are the
Human Development Index (HDI) and the Gross Domestic
Product (GDP) per capita.
What is the purpose of foreign aid?
• Foreign aid is provided to help developing countries improve
their economic and social conditions, often by providing
financial assistance, technology, or expertise.
What is the main goal of sustainable development?
• The main goal of sustainable development is to meet the needs
of the present without compromising the ability of future
generations to meet their own needs.
Name three key indicators of sustainable development.
• Three key indicators of sustainable development are economic
growth, social inclusion, and environmental sustainability.