Week 1 - September 9 - Notes - ECO 2117 Week 1 September 9 2016 Comparative Economic Development Basic Indicators of Development Gross National

Week 1 - September 9 - Notes - ECO 2117 Week 1 September 9...

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ECO 2117 Week 1 – September 9, 2016 Comparative Economic Development Basic Indicators of Development Gross National Income (GNI) The total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus incomes earned by foreign residents, minus income earned in the domestic economy by non-residents. Gross Domestic Product (GDP) The total final output of goods and services produced by the country’s economy within the country’s territory by residents and non-residents, regardless of allocation between domestic and foreign claims. Purchasing Power Parity (PPP) Calculation of GNI using a common set of international prices for all goods and services, to provide more accurate comparisons of living standards. Holistic Measures of Living Levels and Capabilities Health Life Expectancy Education The component index of the New HDI are computed by taking the difference between the country’s actual achievement and the minimum goalpost value, and then dividing the result by the difference between the overall maximum goalpost and minimum goalpost.

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