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Flashcards in Development Definitions Deck (9)
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1

Economic Development

An improvement in the people's general standard of living

2

Economic growth

An increase in a country's GDP over time

3

Market-oriented policies

Policies that support the allocation of resources by supply and demand rather than through government intervention

4

Foreign Direct Investment

When a multinational corporation from a foreign country invests in a lesser developed country- usually long-term investment and must be at least 10% ownership

5

Poverty trap

A self-perpetuating mechanism that contributes to the persistence of poverty in a nation

6

Micro-credit

Credit in small amounts of people who do not ordinarily have access to credit, requiring short-term repayment

7

Foreign Aid

Any assistance given to a country that would not have been provided through normal market forces

8

Sustainability

Development that meets the needs of the present generation without compromising the ability of future generations to meet their needs

9

Official Development Assistance

Financial aid given from the government for the purpose of development/welfare