IB Economics/Development Economics
- 5.1 Sources of Economic Growth and/or Development
- 5.2 Consequences of Growth
- 5.3 Barriers to Economic Growth
- 5.4 Growth and Development Strategies
- 5.5 Evaluation of Growth and Development Strategies
Key Terms
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Absolute poverty
Aid v trade (as a development strategy)
Aid weariness
Appropriate technology
Bilateral aid
Brain drain
Capital flight
Characteristics of LEDCs
Commodity pricing agreements
Commodity concentration of exports
Convertible currency
Development
De-development
Development project examples (know why these lead to 'development'): maternity clinics/spacing children, agriculture extension projects, schools, HIV/AIDS awareness/prevention projects, clean water projects/well drilling, increased access to technology, literacy programmes, health education, microcredit schemes, immunization and vocational training
Dual sector growth model (Lewis)
Empowerment
Export-led growth (outward-oriented strategies)
Fair trade (organizations)
Foreign direct investment (FDI)
G-20
G-8
Girl's education
Globalisation
Grant aid
Gross National Happiness (Bhutan), as an alternative indicator to GDP/GNP
Growth strategies
Growth is not development
Harrod-Domar growth model
Heavily Indebted Poor Countries (HIPCs)
Human capital
Human Development Index (HDI)
Human Suffering Index (HSI)
Industrialisation
LEDCs
Import substitution (ISI, inward-oriented strategies/protectionism)
Indebtedness
Informal markets
Infrastructure
Institutional factors (contributing to development)
International Monetary Fund (IMF)
MEDCs
Microcredit/microfinance
Millennium Development Goals (MDGs)
Multilateral aid
Multinational corporation/company (MNC)
Newly Industrialized Countries (NICs)
Non-convertible currency
Non-governmental organizations (NGOs), e.g., Transparency International, Human Rights Watch, Medecins Sans Frontieres, Oxfam, Heifer International
Organisation for Economic Cooperation and Development (OECD)
Official aid
Poverty cycle
Quality of life
Relative poverty
Soft loans
South-South trade
Standard of living
Structural adjustment policies (SAP)
Sustainable development/sustainability
Tied aid
Transfer pricing
Transnational company/corporation (TNC)
UN Development Programme (UNDP)
Unofficial aid
World Bank