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61 Cards in this Set
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An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life |
Subsistence Economy |
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The process of improving the quality of all human lives and capabilities by raising people's levels of living, self-esteem, and freedom |
Development |
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They are presently characterized by low levela of living and other development deficits |
Developing countries |
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A situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter, and other essentials |
Absolute Poverty |
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It is concerned primarily with the efficient, least-cost allocation of scarce productive resources and with the optimal growth of these resources overtime |
Traditional economics |
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The study of social and institutional processes through which certain groups of economic and political elites influence the allocation of scarce productive resources |
Political economy |
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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 |
Development Economics |
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Economically advanced capitalist countries |
More Developed Countries |
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A synonym for developing countries |
Less developed countries |
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What is the full name of OECD |
Organization for Economic Cooperation and Development |
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What is the meaning of CIS |
Commonwealth of Independent States |
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The increasing integration of national economies into expanding international markets |
Globalization |
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A social science that is concerned with human beings and the social system by which they organize their activities to satisfy basic material needs |
Economics |
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What is desirable and not desirable. It is the central feature of the economics discipline particularly development economics |
Value premises |
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The organizational and institutional structure of a society, including its values, attitudes, power structure, and traditions |
Social system |
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They play crucial roles in the overall development process (3) |
1. Values 2. Attitudes 3. Institutions |
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Principles, standards, or qualities that a society or group considers worthwhile or desirable |
Values |
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The states of mind or feelings of an individual, group, or society regarding issues such as material gain, hardwork, saving for the future, and sharing wealth |
Attitudes |
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Norms, rules, of conduct, and generally accepted ways of doing things |
Institutions |
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3 Traditional Economic Measures |
1. Income per Capita 2. Gross National Income 3. Grosa Domestic Product |
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Total gross national income of a country divided by total population |
Income per Capita |
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How much goods and services are available to the average citizen for consumption and investment |
Gross National Income |
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The total final output of goods and services |
Gross Domestic Product |
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What people can do with the commodities of given characteristics that they come to possess or control |
Functionings |
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The freedoms that people have, given their personal features and their command over commodities |
Capabilities |
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What are the 3 core values of development |
1. Sustenance 2. Self-esteem 3. Freedom |
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The ability to meet basic needs |
Sustenance |
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A sense of worth and respect, of not being used as a tool by others for their own ends |
Self-esteem |
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It is when a society have variety of alternatives that can satisfy what people want and we get to enjoy real choices according to their preferences |
Freedom |
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A set of 8 goals adopted by the UN in 2000 |
Millenium Development Goals |
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A subset of an economy |
Sector |
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Four usages of sectors in economic development |
1. Technology 2. Activity 3. Trade 4. Sphere |
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Modern and traditional sectors |
Technology |
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Industry and product |
Activity |
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Export sector |
Trade |
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Private and public sectors |
Sphere |
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It is the best known system for classifying the economic status of countries |
International Bank for Reconstruction and Development or World Bank |
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An organization that provides development funds to developing countries in the form of interest-bearing loans, grants, and technical assistance |
International Bank for Reconstruction and Development or World Bank |
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The International Bank for Reconstruction and Development or World Bank classify countries based on their _____ |
Gross National Income (GNI) |
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How the World Bank classifies the countries (5) |
1. Low-income countries 2. Lower-middle income countries 3. Upper-middle income countries 4. High-income OECD countries 5. Other high-income countries |
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General classification of LMI and UMI countries |
Middle-income countries |
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Countries at a relatively advanced level of economic development with a substantial and dynamic industrial sector and with close links to the international trade, finance, and investment system |
Newly Industrialized Countries (NICs) |
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A United Nations designation of countries with low-income, low-human capital, and high-economic vulnerability |
Least Developed Countries |
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Introduced at the International Finance Corporation to suggest progress |
Emerging Markets |
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What are the basic indicators of development |
1. Gross National Income 2. Gross Domestic Product 3. Purchasing Power Parity |
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It is the most common measure of the overall level of economic activity, is often used as a summary index of relative economic well-being of people in different nations. |
Gross National Income (GNI) |
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It is calculated as the total domestic and foreign value added claimed by a country’s residents without making deductions for depreciation (or wearing out) of the domestic capital stock |
Gross National Income (GNI) |
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measures the total value for final use of output produced by an economy, by both residents and nonresidents |
Gross Domestic Product |
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GDP plus the difference between the income residents receive from abroad for factor services (labor and capital) less payment made to non-residents who contribute to the local economy |
Gross National Income (GNI) |
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It is calculated using a common set of international prices for all goods and services produced, valuing goods in all countries at US price |
Purchasing Power Parity |
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The number of units of a foreign currency required to purchase the identical quantity of goods and services in the local LDC market as $1 would buy in the US. |
Purchasing Power Parity |
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5 Holistic Measures of Living Levels and Capacities |
1. Health 2. Life Expectancy 3. Education 4. Human Development Index (HDI) 5. The New Development Index |
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An index measuring national socio-economic development, based on combining measures of education, health, and adjusted real income per capita |
Human Development Index (HDI) |
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A holistic measure of living levels |
Human Development Index (HDI) |
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Who introduced the new development index |
United Nations Development Program (UNDP) |
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In the New Development Index, the GDP per capita is replaced by _____ |
GNI per capita |
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It attempts to rank all countries on a scale of 0 to 1 based on 3 goals or end products of development |
Human Development Index |
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3 goals or end products of development |
1. Longevity 2. Standard of Living 3. Knowledge |
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Measured by life expectancy at birth |
Longevity |
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Weighted average of adult literacy and mean years of schooling |
Knowledge |
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Real per capita GDP adjusted for the differing PPP of each country’s currency to reflect cost of living and for the assumption of diminishing marginal utility of income |
Standars of Living |
