Economic Geography and Development Metrics Quiz

Manufacturing is a secondary sector activity involving the transformation of raw materials into finished goods.

GDP is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Urbanization refers to the increasing number of people that live in urban areas, resulting in the growth of urban areas.

While population density may have some impact on economic development, it's not considered a primary factor affecting it.

Brain Drain refers to the emigration of highly skilled or qualified individuals from one country to another, typically from developing to developed countries.

The Consumer Price Index (CPI) measures changes in the price level of consumer goods and services purchased by households, not income distribution.

While unemployment rate is an important economic indicator, it's not a direct measure of economic development; rather, it's a measure of labor market conditions.

The Gini coefficient is a measure of statistical dispersion intended to represent income inequality within a nation.

The inflation rate measures the percentage change in the price level of goods and services over a period of time.

A trade surplus occurs when the value of a country's exports exceeds the value of its imports.

Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs, balancing economic, social, and environmental considerations.

The World Bank is a vital source for global poverty estimates and regularly publishes reports and data on poverty worldwide.

As of 2022, the United States has the largest economy in the world by nominal GDP.

South Korea is considered a newly industrialized country due to its rapid economic growth and transition from an agrarian to an industrialized economy.

Developed countries typically have low levels of poverty due to their advanced economies and social welfare systems.

Offshoring involves relocating business activities or services to another country, often to take advantage of lower labor costs or favorable economic conditions.

Somalia has one of the lowest GDP per capita figures in the world, attributed to decades of conflict, instability, and underdevelopment.