Economic Inequality and Development Quiz

Total value of goods and services produced within a country, indicating its economic performance.

Term referring to countries with lower income levels and less developed infrastructure, primarily located in the southern hemisphere.

Threshold income level below which individuals or families are considered to be living in poverty.

Disparity in the distribution of assets and resources among individuals or households within a society.

A statistical measure assessing the distribution of income within a population.

Composite index measuring key aspects of human development, including health, education, and standard of living.

Disparities in access to education contribute significantly to economic inequality by affecting earning potential and social mobility.

Globalization can exacerbate economic disparities between nations due to varying levels of integration and development.

Education can mitigate economic inequality by providing individuals with skills and opportunities for upward mobility.

Theory advocating policies that promote economic growth, assuming benefits will 'trickle down' to lower socioeconomic groups.

The curve suggests that income inequality initially rises with economic development but then decreases as a country achieves higher levels of income.

Phenomenon where countries compete to attract investment by offering lower wages, reduced regulations, and fewer protections for workers and the environment.

Policy decisions guided by Kaldor-Hicks efficiency prioritize overall efficiency and potential gains, even if they result in unequal outcomes.

The theory posits that dependence on foreign aid and investment perpetuates underdevelopment by creating economic structures that benefit developed nations.