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What is purchasing power parity?
A measure of per capita income that shows the purchasing power of an income
Instead of it's worth at current exchange rates
What is a third world?
Less developed countries
What are underdeveloped countries?
A term used to describe third world countries
What are developing countries?
Countries that have not reached the same level of development as the Richer, Advanced countries
What is development?
A condition that involves the satisfaction of the basic needs of all of the people
As well as the means for them to live the fulfilling and productive lives
Based on the creation of a more Diversified, sophisticated, and sustainable economy
Development may be thought of in terms of three goals:
1) Satisfying the basic needs of everyone, such as food, housing, clothing, and clean water
As well as the means to live the fufilling and productive lives, such as education, Healthcare, employment, and security against severe hardships
2) to build a more Diversified and sophisticated economy
3) development needs to be environmentally sustainable
What is the human development index?
An annual index for most countries
Calculated by the UN development programme
Based on educational attainment, life expectancy and per capita gross Nation income
What are two approaches of how countries can develop?
Market driven approach
State directed approach
What's a free market economic model?
An economic model to emphasize private Enterprise
Significantly limits the economic role of the state
What is the statistic economic model?
An economic policy that gives government a significant role in selecting a country's economy
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