Key Terms: The Changing Economic World (AQA GCSE Geography): Revision Note

Global variations in economic development - key terms glossary

Birth rate – The number of live births per 1,000 people per year.

Development – The process of improving people's quality of life through better living standards, wealth, health, and education.

Development indicators – Measures used to compare the development of different countries, including GNI, literacy rates, and life expectancy.

Economic development – Improvement in a country's wealth, often measured by GNI or GDP per capita.

GDP (Gross Domestic Product) – The total value of goods and services produced in a country in a year.

GNI (Gross National Income) – GDP plus income earned from abroad, often used to classify countries' development levels.

HDI (Human Development Index) – A composite development indicator combining life expectancy, education level, and GNI per capita.

Infant mortality rate – The number of babies that die before the age of one per 1,000 live births per year.

Industrial structure – The proportion of people employed in primary, secondary, and tertiary sectors.

Life expectancy – The average age a person is expected to live from birth.

Literacy rate – The percentage of people who can read and write.

Natural increase – Population growth measured by the difference between birth and death rates.

Quality of life – The general well-being of individuals based on health, happiness, education, and income.

Standard of living – The level of wealth, comfort, material goods, and services available to people.

Uneven development – Differences in development between different places, both globally and within nations.

Strategies to reduce the development gap - key terms glossary

Aid – Support (often financial or technical) given to countries to help development, either short-term or long-term.

Debt relief – When part or all of a country’s debt is cancelled or reduced, helping them invest in development.

Fair trade – A trading partnership that ensures producers in LICs/NEEs receive fair prices and decent working conditions.

Foreign direct investment (FDI) – When a country or company invests in the economy of another country.

Intermediate technology – Simple, low-cost technology that is easy to use, affordable, and sustainable (e.g. solar cookers, water filters).

Investment – Spending by businesses or governments to improve infrastructure, industry, or services.

Microfinance loans – Small-scale loans given to individuals or small businesses who wouldn’t normally qualify for traditional bank loans.

Tourism (as a development strategy) – Using a country’s attractions to generate income and employment, which can support infrastructure and services.

Trading groups – Alliances that promote trade between member countries by reducing tariffs and trade barriers (e.g. the EU).

Rapid economic development in LICs/NEEs - key terms glossary

BRICS – Acronym for five rapidly developing countries: Brazil, Russia, India, China, and South Africa.

De-industrialisation – A decline in industrial activity in a country or region, often as jobs move to developing countries.

Globalisation – The growing interconnectedness of the world’s economies, societies, and cultures.

Industrialisation – The growth of manufacturing and industry in a country, often contributing to economic development.

Multiplier effect – When an initial investment leads to further economic benefits (e.g. job creation, more local spending).

NEE (Newly Emerging Economy) – A country with rapidly growing industry and improving standards of living.

Outsourcing – Transferring parts of a business operation to another country to reduce costs (e.g. manufacturing, IT support).

SEZ (Special Economic Zone) – Areas with economic laws different from the rest of the country to attract foreign investment (e.g. Lagos Free Trade Zone).

Social improvements – Development that leads to better education, healthcare, and life expectancy.

TNC (Transnational Corporation) – A large company that operates in more than one country (e.g. Shell, Unilever, Nike).

Economic futures in the UK - key terms glossary

Deindustrialisation – The decline of manufacturing industries in the UK, particularly from the 1970s onwards.

Enterprise zones – Areas with reduced business taxes and simplified planning regulations to attract businesses.

Infrastructure – Basic physical systems like transport, energy, and water supplies needed for an economy to function.

London Gateway – A major deep-sea container port and logistics hub in the Thames Estuary to boost trade and jobs.

North-South divide – Economic and social differences between the more prosperous south of England and the less affluent north.

Post-industrial economy – An economy where the service and knowledge sectors dominate rather than manufacturing.

Quaternary sector – The part of the economy that includes research, information technology, and knowledge-based services.

Regeneration – The process of redeveloping run-down urban areas to improve economic and social conditions (e.g. Salford Quays).

Science park – A development near universities focused on high-tech industries and innovation.

Service sector – Jobs that provide a service to people rather than goods (e.g. healthcare, education, retail).

Social inequality – Unequal access to resources, wealth, and opportunities across different social groups.

Transport improvement schemes – Projects to enhance road, rail, and air transport to improve connectivity and support economic growth (e.g. HS2, Crossrail).