A Econ Ch. 1

Front 1

4 things of Developed Economies

Back 1

-Has and/or lives in a comfortable home;
-Has enough to eat,
-Is well clothed and healthy;
-Has financial security and/or a Prosperous Future..
-"The average person in a typical family living in those countries that account for 15% of the world population and 50% of the world income"

Front 2

4 things of Developing Countries

Back 2

-Is much less fortunate;
-Has little or no shelter;
-Is illiterate, unemployed;
-Has inadequate food supply and uncertain future
-"the average person from a family in those countries that account for 50% of the world Population and 15% of the world income"

Front 3

A situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter, and other essentials

Back 3

absolute poverty

Front 4

an economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life- food, shelter, and clothing

Back 4

subsistence economy

Front 5

the process of improving the quality of all human lives and capabilites by raising people's levels of living, self-esteem, and freedom

Back 5

development

Front 6

countries of Asia, Africa, the Middle East, Latin America, eastern Europe, and the former Soviet Union, that are characterized by low levels of living and other development deficits. "Less developed countries"

Back 6

Developing countries

Front 7

Why Study Development Economics?

Back 7

-It enables us to have a systematic understanding of the economic problems and issues facing people in the other half of the world, and formulate our judgment and conclusion about their activities on the basis of relevant facts and statistical information.
-Enables us to NOT make simplistic conclusions (based on a snapshot of facts) but rather take into account the interdependence of factors (economic and non-economic variables such as institutions and social systems) in building our conclusions…..
-Enables us to re-evaluate the decisions we make in our individual quest for success, happiness, and security by allowing us to challenge the traditional wisdom.

Front 8

The Meaning of Economic Development

Back 8

For it may refer to:
Material wants (food, shelter, clothing) and Non-material Wants ( education, knowledge, fairness) and the crucial role that values, attitudes and institutions play in the decisions that people take, economic development may mean different things for different people

Front 9

core elements (values) of development

Back 9

-sustenance- ability to meet basic needs
-self-esteem
-freedom from servitude

Front 10

8 goals adopted by United Nations in 2000

Back 10

The Millenium Development Goals (MDGs)

Front 11

GDP vs GNP

Back 11

-GDP- Volume of goods and services produced in a particular country (doesn't include what invested in other countries)
-GNP- volume of g/s produced here and elsewhere what belong to residents of this country

Front 12

Captures both qaulitative aspects of development, while not ignoring the quantitative aspect that is in place today
(Commonly accepted measure over PCI)

Back 12

Human Developement Index

Front 13

3 main components of HDI

Back 13

1. Healthy life (yrs expected to live in certain country)
2. Knowledge (literacy rate and school enrollment ratio)
3. Standard of living (PCI in purchase power parity)