Glossary of Economics--Development Indicators
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- Absolute Poverty
- when a population is able to only meet bare subsistence needs (food, shelter). Up to 50% of people in some LDCs face such stark poverty. MDCs have eradicated this kind of poverty.
- Composit Indicator
- Development indicators that are calculated from a combination of other indicators put together (e.g., PQLI and HDI)
- Birth Rates
- Births per 1000 population (10 is very low; 50 is very high)
- Death Rate
- the yearly number of deaths per 1000 population.
- Society-wide improvements in the standard of living.
- Doubling Time
- Period that a given population takes to increase by the present size. Use the rule of 72: 70/population growth rate (%) = number of years to double.
- Economic Growth
- Increase in a country’s economic output (GDP) per year.
- Enrollment Ratio
- the ratio of children actually attending school to the number of school aged children
- Fertility Rates
- The yearly number of children born per 1000 women of childbearing age.
- Total output of final goods and services within a county’s border in one year.
- GNI (National Income)
- Total monetary value of all final goods and services produced in an economy during one year. This is GNP minus depreciation.
- The total domestic and foreign output claimed by residents of a country. This is GDP plus the factor incomes of residents abroad minus incomes of foreign residents within the country.
- (Human Development Index)—A composit indicator measuring national sociological development based on measures of life expectancy at birth, educational attainment, literacy and adjusted real per capita income.
- Human Poverty Index (HPI)
- Index measuring depriviation in basic human development in the country. Variales usd are the % of people expected to die before age 40, adult illiteracy rate, percentage of people without access to health services and safe water, and percentage of underweight children 5 yers of age.
- Income Distribution Ratios
- These figures demonstrate what percentage of the national income is captured by each quartile (20%) of the population.
- Infant Mortality Rates
- Number of live born infants that die before age 1 (out of every 1000 births)
- International Poverty Line
- An arbitrary international real income measure, usually expressed in constant dollars (e.g., $1 per day), used as a basis for estimating the proportion of the world’s population that exists at bare levels of subsistence.
- Less Developed Countries—The former colonies of Africa, Asia and Latin American that, after WWII, where all much poorer than the countries of Europe. Also referred to as “Third World” countries and “underdeveloped” areas.
- Life Expectancy at birth
- The average number of years that a person in a country is expected to live given present living conditions.
- Literacy Rates
- Percentage of the population that can read and write.
- Middle Income Countries (MICs)
- LDCs with per capital incomes abovfe $775 and below $9265 in 2000.
- Per Capita Income
- Physical Quality of Life Index (PQLI)
- A composite of infant mortality, life expectancy at age 1 and literacy rates (1-100)
- Population Density
- Total # domestic residents/Total Land Area
- Purchasing Power Parity (PPP)
- The purchasing power of a country’s currency. The number of units of the currency required to purchase the same goods and services that a US dollar would buy in the US.
- Relative Poverty
- When an American family has a smaller large-screen TV than the family next door.
- Total Fertility Rate
- The average number of children that is born to each woman
- A small group of former LDCs who have developed advanced manufacturing and financial sectors.
- Population Growth Rate
- The increase in a countries population in a year expressed as a percentage of the population. It reflects the difference between the birth rate and the death rate.
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