Class notes
geographies of economic devlopment
- Course
- Gg102
- Institution
- Wilfrid Laurier University (WLU )
geographies of economic devlopment
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module 10(chapter 7) GEOGRAPHIES OF ECONOMIC DEVELOPMENT● Economic development is the process of improving the economic well-being of a
region or country, typically through increased production, income, and
employment opportunities.
● Gross domestic product (GDP) is the total value of goods and services produced
within a country in a given period of time, typically a year.
● Per capita GDP is the GDP divided by the population, providing a measure of
average income per person.
● Economic growth is the increase in production, income, and employment
opportunities over time, often measured as a percentage change in GDP.
● Economic inequality refers to the unequal distribution of income and wealth
within a society, often measured using the Gini coefficient or other indicators.
● Industrialization is the process of shifting from an agricultural and artisan-based
economy to a manufacturing-based economy, often involving the introduction of
new technologies and systems of production.
● Globalization is the process of increasing interconnectedness and
interdependence among people, businesses, and countries around the world,
often driven by advances in transportation, communication, and technology.
● Foreign direct investment (FDI) is the investment by a company or individual in a
foreign country, often involving the establishment of a subsidiary or the
acquisition of an existing business.
● Free trade is the policy of reducing or eliminating barriers to international trade,
such as tariffs, quotas, and regulations.
● Regional economic integration is the process of forming economic partnerships
among neighbouring countries, often involving the establishment of free trade
agreements or customs unions.
● Neoliberalism is an economic ideology that emphasizes the role of free markets,
individual choice, and private enterprise in promoting economic growth and
development.
● Informal economy is the portion of economic activity that is not regulated or
taxed by the government, often involving self-employment, small-scale
entrepreneurship, and unregistered businesses.
● Economic development strategies include industrial policies, export-led growth,
import substitution, and human development approaches.
● Sustainable development is a development approach that aims to balance
economic growth with environmental protection and social equity, often
emphasizing the need for resource conservation and social inclusion.
● The digital divide is the gap between those who have access to digital
technologies and those who do not, often resulting in inequalities in education,
employment, and economic opportunities.
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