What is meant by economic development quizlet?
|
Show Recommended textbook solutions
 Fundamentals of Engineering Economic Analysis1st EditionDavid Besanko, Mark Shanley, Scott Schaefer 215 solutions
Introductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions Principles of Economics8th EditionN. Gregory Mankiw 1,335 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Recommended textbook solutions
Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions
Statistical Techniques in Business and Economics15th EditionDouglas A. Lind, Samuel A. Wathen, William G. Marchal 1,236 solutions
Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,692 solutions
Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Recommended textbook solutionsMyers' Psychology for AP2nd EditionDavid G Myers 900 solutions HDEV56th EditionSpencer A. Rathus 380 solutions Marketing Essentials: The Deca Connection1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese 1,600 solutions
Myers' Psychology for the AP Course3rd EditionC. Nathan DeWall, David G Myers 955 solutions
Terms in this set (24)Attitudes A state of mind or feeling of an individual, group, or society regarding issues such as a material gain, hard work, saving for the future, and sharing wealth. Capabilities The freedoms that people have, given their personal features and their command over commodities. - See the discussion of Amartya Sen's approach to defining development in Chapter 1. Developing Countries The present countries of Asia, Africa, the Middle East, Latin America, Eastern Europe, and the former Soviet Union, mainly characterized by low levels of living, high rates of population growth, low income per capita, and general economic and technological dependence on developed countries Development The process of improving the quality of all human lives. Three equally important aspects of development are: (1) Raising people's levels of food, medical services, education etc., through relevant economic growth process Development Economics The study of how economies are transformed from stagnation to growth and from low-income to high-income status and overcome problems of absolute poverty. Freedom A situation in which a society has at its disposal a variety of alternatives from which to satisfy its wants. Functionings What people do or can do with the commodities of given characteristics that they come to possess or control. Globalization The increasing integration of national economies into expanding international markets. Gross National Income (GNI) The total domestic and foreign output claimed by residents of a country. - It comprises gross domestic product (GDP) plus factor incomes accruing to residents from abroad, less the income earned in the domestic economy accruing to persons abroad Income Per Capita Total gross national product of a country divided by total population. - Per capita income is often used as an economic indicator of level of living and development. It can, however, be a biased index because it takes no account of income distribution and the ownership of the assets that are employed to generate part of that income Institutions Norms, rules of conduct, and generally accepted ways of doing things. - Social institutions are well-defined, formal organizations of society that govern the way that society operates -- for example, the class system, private versus communal ownership, or educational system. Political institutions are the systems that govern the operations of the government of a particular society -- formal power structures, political parties, and mechanisms for obtaining power. Economic institutions are formal and informal "rules of the economic game." Less Developed Countries (LDCs) The present countries of Asia, Africa, the Middle East, Latin America, Eastern Europe, and the former Soviet Union, mainly characterized by low levels of living, high rates of population growth, low income per capita, and general economic and technological dependence on developed countries Millennium Development Goals (MDGs) A set of eight goals adopted by the United Nation in 2000: The goals are assigned specific targets to be achieved by 2015. More Developed Countries (MDCs) The now economically advanced capitalist countries of western Europe, North America, Australia, New Zealand, and Japan. These were the first countries to experience sustained long-term economic growth. Non-economic Variables Elements of interests to economists in their work but not given a monetary value or expressed numerically because of their intangible nature. - Sometimes non-economic variables such as education, health, cultural, political, and institutional factors are more important than the quantifiable economic valuables in promoting development. Political Economy The attempt to merge economic analysis with practical politics -- to view economic activity in its political context. - Much of classical economics was political economy, and today political economy is increasingly being recognized as necessary for any realistic examination of development problems. Absolute Poverty A situation where a population or section of a population is, at most, able to meet only its bare subsistence essentials or food, clothing, and shelter to maintain minimum levels of living. Self-esteem The feeling of worthiness that a society enjoys when its social, political, and economic systems and institutions promote human respect, dignity, integrity, self-determination, etc. Social System The organizational and institutional structure of a society, including its values, attitudes, power structure, and traditions. Major social systems include political processes, religions, and ethnic divisions. Subsistence Economy An economy in which production is mainly for personal consumption and the standard of living yields no more than the basic necessities of life -- food, shelter, and clothing. Sustenance The basic goods and services, such as food, clothing, and shelter, that are necessary to sustain an average human being at the bare minimum level of living. Traditional Economics An approach to economics that emphasizes utility, profit maximization, and determination of equilibrium. - The major focus is on the efficient allocation of scarce resources through the price system and the forces of supply and demand. Value Premises - Principles, standards, or qualities considered worthwhile or desirable. A value judgement reflects personal or class beliefs. - Because economics can't be value free, especially in the field of development economics, it is essential that one's value premises always be made clear. Values Principles, standards, or qualities considered worthwhile or desirable. A value judgement reflects personal or class beliefs. Sets with similar termsInt. Eco&Poli Concepts for Review Chapter 122 terms laadiidaa63 ECO418 Chapter127 terms Masato_Suzuki3 Econ41 terms pawleen04 Chapter 1: Economic Development63 terms josephhnguyenn Sets found in the same folderEconomic Development Chapter 239 terms Trowble Economic Development Chapter 337 terms Trowble Economic development117 terms falkenbooty Economic Development: Todaro 12e - Ch. 228 terms paolo_jimenez9 Other sets by this creatorECO 300 - Inter Micro CH 1123 terms Trowble ECO 300 - Inter Micro CH 936 terms Trowble ECO 300 - Inter Micro Chapter 5 Game Theory17 terms Trowble ECO300 - Inter-Macroeconomics26 terms Trowble Recommended textbook solutionsMathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Introductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsCollege Accounting 21e Chapter 424 terms svillafanez11 APHG Unit 9: Agriculture82 terms db537PLUS 14-119 terms saragoldstein DES1200CH2544 terms adry0826 Related questionsQUESTION Which age segment of the population suffers disproportionately from hunger and malnutrition? Explain. 8 answers QUESTION Quality can be measured in terms of the chemical, physical, and biological content of water. The most common standards used to assess water quality relate to health of ecosystems, safety of human contact and drinking water. 2 answers QUESTION Which cost in Weber's Least Cost Theory explains Silicon Valley? 2 answers QUESTION Quantities of oil that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions 3 answers What is meant by economic development?Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. What “economic development” means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.
What is economic development quizlet?Economic development involves a reduction in poverty and an improvement in living standards in an economy. It takes into account an increase in the consumption of goods and services, improved education and health, increased job opportunities, reduction in income inequality and attention to the environment.
What is meant by economic development Brainly?Answer: Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development.
What is economic development and examples?Economic development is defined as an increase in a country's wealth and standard of living. For example, Improved productivity, higher literacy rates, and better public education are all consequences of economic development in a country.
|
