Economic Development Vocabulary: Common Words and Collocations
1. Infrastructure investment: Spending on roads, bridges, airports, and other facilities that support economic activities.
Ex: Increased infrastructure investment can spur economic growth by improving transportation and logistics.
2. Gross domestic product (GDP): The total value of all goods and services produced within a country in a given period.
Ex: Rising GDP figures often indicate a healthy and expanding economy.
3. Foreign direct investment (FDI): Investment from foreign entities into a country’s businesses or infrastructure.
Ex: The government introduced tax incentives to attract more foreign direct investment.
4. Emerging markets: Developing economies experiencing rapid industrialization and growth.
Ex: Companies often look to emerging markets for new opportunities and untapped consumer bases.
5. Sustainable growth: Economic expansion that balances environmental protection, social equity, and long-term viability.
Ex: Policies promoting renewable energy and green technologies are key to achieving sustainable growth.
6. Income inequality: The uneven distribution of wealth and income among a population.
Ex: Addressing income inequality through progressive taxation can help create a more balanced economy.
7. Trade liberalization: The removal or reduction of trade barriers, such as tariffs and quotas.
Ex: Trade liberalization encourages competition and helps consumers access a wider variety of goods at lower prices.
8. Economic diversification: The process of expanding a country’s economy by developing multiple industries.
Ex: Economic diversification reduces dependence on a single sector, making the economy more resilient to external shocks.
9. Human capital: The skills, knowledge, and experience possessed by the workforce.
Ex: Investing in education and training enhances human capital, which in turn boosts productivity.
10. Monetary policy: The actions taken by a central bank to control the money supply and interest rates.
Ex: The central bank adjusted its monetary policy to combat inflation and stabilize the economy.
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1. Infrastructure investment: Spending on roads, bridges, airports, and other facilities that support economic activities.
Ex: Increased infrastructure investment can spur economic growth by improving transportation and logistics.
2. Gross domestic product (GDP): The total value of all goods and services produced within a country in a given period.
Ex: Rising GDP figures often indicate a healthy and expanding economy.
3. Foreign direct investment (FDI): Investment from foreign entities into a country’s businesses or infrastructure.
Ex: The government introduced tax incentives to attract more foreign direct investment.
4. Emerging markets: Developing economies experiencing rapid industrialization and growth.
Ex: Companies often look to emerging markets for new opportunities and untapped consumer bases.
5. Sustainable growth: Economic expansion that balances environmental protection, social equity, and long-term viability.
Ex: Policies promoting renewable energy and green technologies are key to achieving sustainable growth.
6. Income inequality: The uneven distribution of wealth and income among a population.
Ex: Addressing income inequality through progressive taxation can help create a more balanced economy.
7. Trade liberalization: The removal or reduction of trade barriers, such as tariffs and quotas.
Ex: Trade liberalization encourages competition and helps consumers access a wider variety of goods at lower prices.
8. Economic diversification: The process of expanding a country’s economy by developing multiple industries.
Ex: Economic diversification reduces dependence on a single sector, making the economy more resilient to external shocks.
9. Human capital: The skills, knowledge, and experience possessed by the workforce.
Ex: Investing in education and training enhances human capital, which in turn boosts productivity.
10. Monetary policy: The actions taken by a central bank to control the money supply and interest rates.
Ex: The central bank adjusted its monetary policy to combat inflation and stabilize the economy.
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