1. Chapter 18 : Lesson 1 Global Economic Development

2. Essential Question: What are the major obstacles to economic growth in developing countries?

3. Developing Countries : Nonindustrial nations marked by extremely low gross national product (GNP), high poverty rates and economic instability.

5. Primitive Equilibrium : first stage of economic development during which the economy is stagnant

6. Crude Birthrate : number of live births per 1,000 people

8. Life Expectancy : average remaining life span in years for persons attain a given age

10. Zero Population Growth : a condition in which the average number of births and deaths balance so that population size is unchanged.

12. External Debt : borrowed money that a country owes to foreign countries and banks

16. Default : act of not repaying borrowed money

20. Capital Flight : legal or illegal export of the nation’s currency and foreign exchange

21. Micro Loans : small, unsecured loans made primarily to women to help them undertake an income-generating project in a developing country

22. International Monetary Fund (IMF) : international organization that offers advice, financial assistance, and currency support to all nations

23. World Bank: international agency that makes loans to developing countries; formally the international Bank for Reconstruction and Development

25. Soft Loans: loans that may never be paid back; usually involves loans to developing countries

26. Expropriation: government confiscation of private or foreign owned goods without compensation

27. Review Question:
Chapter 18 : Lesson 1
Read pages and answer Review Questions on page 529. Hand in Google Class Room.