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10 Cards in this Set
- Front
- Back
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Economic Development
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is a broad term that includes the size and sophistication of a nation's industrial, service, technical, and agricultural sectors.
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Developed nations
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have a high level of industrial and technical expertise.
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Developing Nations
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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.
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Arable
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productive land
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Subsistence Agriculture
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families grow just enough to meet basic needs and do not produce crop surpluses to trade.
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One-crop economy
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a nation that focus's on one type of crop.
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Capital Resources
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the accumulation of the financial resources and capital goods necessary for economic development.
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Expropriation
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occurs when a nation's government takes control of a firm or industry without compensating the owner.
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Land Reform
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is the redistribution of agricultural land from a few major land owners to a larger number of the people who own the land
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Multinational Corporation
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is a firm that owns production facilities in two or more countries and that usually markets its products worldwide.
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