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10 Cards in this Set

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Economic Development
is a broad term that includes the size and sophistication of a nation's industrial, service, technical, and agricultural sectors.
Developed nations
have a high level of industrial and technical expertise.
Developing Nations
are characterized by low per capita gross national income, limited resources or inefficient use of resources, rapid population growth rate, and dependency on agriculture as the main form of production.
Arable
productive land
Subsistence Agriculture
families grow just enough to meet basic needs and do not produce crop surpluses to trade.
One-crop economy
a nation that focus's on one type of crop.
Capital Resources
the accumulation of the financial resources and capital goods necessary for economic development.
Expropriation
occurs when a nation's government takes control of a firm or industry without compensating the owner.
Land Reform
is the redistribution of agricultural land from a few major land owners to a larger number of the people who own the land
Multinational Corporation
is a firm that owns production facilities in two or more countries and that usually markets its products worldwide.