Colonialism , Acquiring control over another country, occupying it with settlers and exploiting it economically., Developed country , A country with very high human development., Emerging economies, Countries that have recently industrialised and are progressing towards an increased role in the world economy., Developing country , A country with low human development., Foreign direct investment (FDI), Overseas investment in physical capital by transnational corporations., Formal economy , Means one which is official, meets legal standards for accounts, taxes and workers’ pay and conditions., Gross domestic product (GDP) , The total value of goods and services produced by a country in one year., Human Development Index (HDI) , A standard means of measuring human development. Takes in to consideration the Health, Education and Wealth of a country., Informal economy , Means an unofficial economy, where no records are kept. People in the informal economy have no contracts or employment rights., Intermediate technology , Uses low-tech solutions using local materials, labour and expertise to solve problems., Neo-colonialism , The dominance of poor countries by rich countries, not by direct political control (as in colonialism) but by economic power and cultural influence., Top-down development  , When decision making about the development of a place is done by the governments or large companies., Transnational companies (TNCs) , Those which operate across more than one country., Bottom-up development , Experts work with communities to identify their needs, offer assistance and let people have more control over their lives, often run by NGOs., Topography, The shape of the land - usually taking in to consideration mountains and flat areas. Mountains may be physical barriers preventing trade and communication with other countries.

Development Dynamics key terms

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