Econ

Front 1

Diminishing Returns to Scale

Back 1

as we add more units of variable output to factors of production then output will initially rise then fall.

Front 2

Surplus Labor

Back 2

labor that exceeds the amount of labor necessary.

Front 3

Headcount Index

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simplestmeasure of the prevalence of poverty in a particular area

Front 4

Gini Coefficient

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Ameasure of the degree of income inequality in an economy/html>

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Human Development Index

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composite statistic of life expantency, education, and per capita income which is used to rank countries into four tiers of human development.

Front 6

Kuznet’s Curve

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inverted “U” shaped graph that shows relationship between a country level of income and its degree of income inequality

Front 7

Sharecropping

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system of agriculture in which landowners allow a tenant to use the land in return for a share of the crops produced on the land.

Front 8

Food availability

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sufficientquantities of food of appropriate quality, supplied through domestic productionor imports including food aid.

Front 9

Subsistence Farming

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type of farming in which most of the crops is consumed by the farmer and his family.

Front 10

Famine

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- extreme shortage of food.

Front 11

Malthusian View of Population Growth

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population growth occurs exponentially, so it increases according to birth rate. For example, if every member of a family tree reproduces, the tree will continue to grow with each generation. On the other hand, food production increases arithmetically, so it only increases at given points in time. Malthus wrote that, left unchecked, populations can outgrow their resources.

Front 12

Washington Consensus

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setof broadly free market economic ideas supported by the prominent economists andinternational organisations. (i.e. world bank, US)

Front 13

Dual Economy

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existence of two separate economic secotrs within one country divided by different levels of development, technology and different patterns of demand.

Front 14

Lewis Model

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tries to explain how a developing economy moves from a traditional agricultural base to a modern manufacturing led economy.

Front 15

Demographic transition

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the transition from high birth and death rates to low birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Front 16

Growth versus Development

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Togrow is to increase in size or number. To develop is to increase one’s abilityand desire to satisfy one’s own needs and legitimate desires and those ofothers

Front 17

Fixed rate tenancy

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tenancy that automatically expires at the end of the period stated in the lease.

Front 18

Conditional Convergence

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eachcountry is on its own growth path.

Front 19

Unconditional Convergence

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- the property of a convergent infinite series that remains convergent when the terms are arranged in any order.

Front 20

Absolute Poverty

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severedeprivation of basic human needs, including food, safe drinking water,sanitation facilities, health, shelter, education and information