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The Human Development Index is a composite statistic of life expectancy, education, and income indices used to rank countries into tiers of human development. It helps measure development progress and prioritize policy initiatives.

Microfinance involves providing financial services to individuals or small businesses who lack access to traditional banking services. It enhances economic development by promoting entrepreneurship and reducing poverty through financial inclusion.

Absolute Poverty refers to a condition where individuals lack the minimum amount of income needed to maintain the basic living standards. It plays a crucial role in economic development as it indicates the level of income inadequacy that must be addressed to improve lives.

Dependency Theory suggests that resources flow from a 'periphery' of poor and underdeveloped states to a 'core' of wealthy states, enriching the latter at the expense of the former. It affects economic development by critiquing the relationship between developed and developing nations, and advocating for structural change.

Structural Adjustment Programs are economic policies for developing countries promoted by IMF and World Bank and may include currency devaluation, increasing exports, decreasing tariffs, etc. Such programs can radically reshape economies, often with significant social and economic consequences.

Purchasing Power Parity is an economic theory that compares different countries' currencies through a 'basket of goods' approach. By considering the relative cost of living and inflation rates, PPP enables more accurate comparisons of economic output and living standards across countries.

The concept of a Dual Economy refers to the existence of two separate economic sectors within one country, typically one modern and the other traditional, contributing to a gap in economic development and understanding of structural differences within an economy.

Inclusive Growth refers to both the pace and distribution of economic growth, which must be broad-based across sectors, sustainable, and provide opportunities for all segments of the population. This approach to development focuses on equity alongside economic growth.

Sustainable Development is the organizing principle for meeting human development goals while sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. It ensures economic growth without compromising future generations' needs.

Input-Output Analysis is a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies. This form of analysis is vital for understanding the economic impact of various sectors and planning development strategies.

The crowding out effect refers to a situation where increased government spending leads to a reduction in private sector spending, potentially negating the stimulative effect of the government's intervention. This concept plays a role in development, particularly in the context of limited resources.

Conditional Cash Transfers are programs that provide cash payments to poor households on the condition that those households meet certain behavioral requirements, typically related to children’s healthcare and education. These programs aim to reduce poverty and encourage human capital development.

The Washington Consensus refers to a set of 10 economic policy prescriptions considered to constitute the 'standard' reform package for crisis-wracked developing countries by Washington, D.C.-based institutions such as IMF, World Bank, and the US Treasury Department. It impacts development through neoliberal economic reforms.

The Gini Coefficient is a measure of the inequality of a distribution, a value of 0 expressing total equality and a value of 1 maximal inequality. It's used to analyze income or wealth distribution within an economy, which is critical for assessing development and devising policies to reduce inequality.

The Multi-dimensional Poverty Index is an international measure of acute poverty that captures the multiple deprivations that people in developing countries face in their education, health, and living standards. It aids in understanding the complexity of poverty and the formulation of targeted development policies.

The Gender Empowerment Measure is an index designed to measure of women's empowerment in a country. By assessing women’s ability to participate in economic and political life, the GEM is used to address development issues regarding gender equality.

Comparative Advantage is the economic theory that a country should specialize in producing and exporting goods in which it has a lower opportunity cost than its trade partners. It facilitates economic development by optimizing resource allocation and boosting trade efficiency.

The informal economy consists of economic activities that bypass the official government regulation, taxation, and observation. It's significant in development as it includes a large part of the labor force in many developing countries and impacts income distribution.

Capital Flight is a phenomenon where assets or money rapidly flow out of a country due to economic or political instability. This can hinder economic development by reducing the amount of capital available for investment and contributing to volatility.

Demographic Transition is a model that describes the transformation of countries from high birth and death rates to low birth and death rates as a part of the economic development process. It is fundamental to understanding and planning for changes in population growth.

The Millennium Development Goals were eight international development goals that all 191 United Nations member states agreed to try to achieve by 2015. The MDGs played a significant role in concentrating global efforts on achieving measurable improvements in global poverty and health.

Gross National Happiness is a measure of economic and moral progress that indicates the quality of life in more holistic and psychological terms than gross national product. The concept has influenced economic development by shifting policy priorities towards well-being and sustainability.

A Subsistence Economy is a non-monetary economy that relies on natural resources to provide for basic needs, through activities such as hunting, gathering, and subsistence farming. It raises important considerations for development, especially in terms of transforming such economies to enhance living standards.

Social Capital refers to the networks, relationships, and norms that shape the quality and quantity of a society's social interactions, facilitating coordination and cooperation for mutual benefit, which is essential for comprehensive economic development.

Official Development Assistance is government aid designed to promote the economic development and welfare of developing countries. It plays a role by providing necessary funding for development projects and stimulating economic growth in those countries.

Fiscal Policy in Development refers to the use of government spending and taxation to influence a country's economic conditions, focusing on sustainable growth, efficient provision of public services, and equitable distribution of wealth.

Technology Transfer involves the dissemination of technology from one country or organization to another, typically to promote development and allow less developed countries to leapfrog stages in their technological development.

Brain Drain is the emigration of highly trained or intelligent people from a particular country, often due to lack of opportunities or political instability. This can negatively impact a country's economic development by depleting its human capital.