Developing vs Developed
Urban/rural ratio
population that lives in the city versus population that lives in the countryside. (A higher urban population indicates more industry, and therefore more development)
Labor force characteristics
How much of the economy is devoted to primary or secondary economic activity. Primary interacts directly with natural resources (farming, mining); secondary processes natural resources (industry)
Gross Domestic Product (GDP)
The total value of goods
and services produced by a country in a year.
GDP per capita
A high GDP per capita indicates more wealth
Educational achievement
the number of skilled workers in a country
low infrastructure
poor physical systems of a business or nation
low gni
low total domestic and foreign output by residents of a country.
brain drain
the departure of educated or professional people from one country, economic sector, or field for another usually for better pay or living conditions
ability to achieve capital formation
involvement in making of more capital goods such as machines, tools, factories, transport equipment, materials, electricity, etc.
limited resources
Restricted amounts of inputs required by a business or economy such as motivated staff, finances, production facilities and raw materials