Human development (economics)The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions.
Developing countryNation with a relatively low living standardComparison of countries by their level of development (six criteria: HDI, WESP, WB, DAC, IMF, Paris Club) 4+ criteria 3 criteria 2 criteria 1 criterionWorld bank income groupsA developing country is a country with a less-developed industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon.
Developed countryA developed country, or advanced country, is a country that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are: gross domestic product (GDP), gross national income (GNI), per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.Economic developmentIn economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer.
Gross domestic productTotal market value of goods and services produced within a countryGDP WorldBankGDP per capita (WorldBank)Gross domestic product (GDP) is a monetarymeasure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time (usually a year) by a country or countries. GDP is often used to measure the economic activity of a country or region.InterdisciplinarityInterdisciplinarity, also known as interdisciplinary studies, is the combination of multiple academic disciplines into one activity (e.g., a research project).
Least developed countriesThe least developed countries (LDCs) are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed by the UN in its resolution 2768 (XXVI) on 18 November 1971.
Actuarial scienceActuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment, psychology, medicine, and other industries and professions. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations focused in fields such as probability and predictive analysis.IsolationismIsolationism is a political philosophy advocating a foreign policy that opposes involvement in the political affairs, and especially the wars, of other countries. Thus, isolationism fundamentally advocates neutrality and opposes entanglement in military alliances and mutual defense pacts. In its purest form, isolationism opposes all commitments to foreign countries, including treaties and trade agreements.
Parable of the broken windowThe parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay "That Which Is Seen, and That Which Is Not Seen" ("Ce qu'on voit et ce qu'on ne voit pas") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored.
Life expectancyMeasure of average lifespan in a given population
Competition (economics)In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products.
Developing countryNation with a relatively low living standardComparison of countries by their level of development (six criteria: HDI, WESP, WB, DAC, IMF, Paris Club) 4+ criteria 3 criteria 2 criteria 1 criterionWorld bank income groupsA developing country is a country with a less-developed industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon.Developed countryA developed country, or advanced country, is a country that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are: gross domestic product (GDP), gross national income (GNI), per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.Economic developmentIn economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer.Gross domestic productTotal market value of goods and services produced within a countryGDP WorldBankGDP per capita (WorldBank)Gross domestic product (GDP) is a monetarymeasure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time (usually a year) by a country or countries. GDP is often used to measure the economic activity of a country or region.InterdisciplinarityInterdisciplinarity, also known as interdisciplinary studies, is the combination of multiple academic disciplines into one activity (e.g., a research project).Least developed countriesThe least developed countries (LDCs) are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed by the UN in its resolution 2768 (XXVI) on 18 November 1971.Actuarial scienceActuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment, psychology, medicine, and other industries and professions. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations focused in fields such as probability and predictive analysis.IsolationismIsolationism is a political philosophy advocating a foreign policy that opposes involvement in the political affairs, and especially the wars, of other countries. Thus, isolationism fundamentally advocates neutrality and opposes entanglement in military alliances and mutual defense pacts. In its purest form, isolationism opposes all commitments to foreign countries, including treaties and trade agreements.Parable of the broken windowThe parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay "That Which Is Seen, and That Which Is Not Seen" ("Ce qu'on voit et ce qu'on ne voit pas") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored.Life expectancyMeasure of average lifespan in a given populationCompetition (economics)In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products.*As an Amazon Associate I earn from qualifying purchases.