Key terms on development

• What is the term for how rich or poor an area is?

  Economic development
• What does LIC stand for?

  Low income country
• What does HIC stand for?

  High income country
• What does MIC stand for?

  Middle income country
• What is meant by standard of living?

  Levels of goods, services, and comfort available
• How is quality of life defined?

  Well-being including income, health, and happiness
• What does inequality refer to?

  Differences between rich and poor areas/people
• What is income?

  Money that a person or business earns
• What is poverty?

  Lack of basic things needed to live well
• What basic needs are often lacking in poverty?

  Clean water, shelter, and food
• What are the key terms related to economic status?

  • Economic development
  • LIC (Low income country)
  • HIC (High income country)
  • MIC (Middle income country)
  • Standard of living
  • Quality of life
  • Inequality
  • Income
  • Poverty