Economic Development Vocab and Terms

Human Development Index - Developed as a tool for ranking countries based on their level of economic development

Life Expectancy- An average number of years an individual in the country is expected to live.

Birth Rates- How many people are born for every 1,000 people in the nation in a given year

Mortality Rates- This is the death rate of a country; how many people die per 1000 people

Infant Mortality Rate- Number of infants who die for every 1000 births

Economic Indicators- This tells how well an economy is performing

Gross Domestic Product (GDP)- Total value of goods and services produced by a nation in a year

Gross Domestic Product per capita- Reflects the value of goods and services produced in a year in a nation by an average person

Literacy Rate- Percentage of people who can read and write

More Developed Nation A more developed nation will have a higher standard of living . In a higher society you will see things like better health care, higher literacy rates, a greater number of people attending colleges, a higher birth rate, etc.

Newly Industrialized or Emerging Economies Countries that are moving from less developed to more developed are also called……….. Newly Industrialized or Emerging Economies