Vocabulary related to econ & global society

A developing country is

• a country with high Human Development Index (HDI)

• a country with little industrial and economic activity and where people generally have low incomes

Low development countries are

• those that have a low gross domestic product (GDP) per person. They tend to rely on agriculture as their prime industry

• those that have high gross domestic product (GDP) per person. They have a good balance between agriculture, industry, and technology.

Industry means...

• having factories that actively make products and the systems to distribute them

• having a developed system of agriculture and the systems for distribution of products

income

• money going out

• money coming in from work we do, etc.

An emerging economy is

• higher in development than a developed economy.

• one in which the country is becoming a developed nation. It has relatively high economic growth and rapid expansion of trade.

Examples of emerging market economies include:

• South Sudan & Switzerland

• Turkey & Brazil

• The United States and Australia

An emerging market economy is:

• a nation that is growing in productive capacity and is moving away from its traditional agricultural economy.

• a nation that is relying on trade only and struggling to sustain its agricultural systems.

Global means:

• relating to the world; worldwide

• restricted to a small section of the world

• globalization

The global economy refers to:

• economic independence of one country in the world

• the interconnected worldwide economic activities that take place between multiple countries and also the exchange of goods and services between different countries,

The global economy means:

• the system of industry and trade around the world that has developed as the result of globalization

• having trade wars with a neighbor country