ecs exam 1 - Economic development- study of how economics...

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Economic development- study of how economics transformed from stagnation to growthand low-income to high-income status, and overcome problems of absolute poverty.oEfficient allocation of existing scarce productive resources and with theirsustained growth over time, it deals with the economic, political, and institutionalmechanisms.Limitations of GNI- it doesn’t account for stuff made in your country by a foreigncountry. It doesn’t actually show how people are living. Their quality of life may bebetter off than the math is suggesting. Money does not equal production.oGNI- total domestic and foreign output claimed by residents in the country. Itcomprises GDP plus factor incomes accruing to residents from abroad, less theincome earned in the domestic economy accruing to persons abroad.What is PPP GNI? Does it improve on traditional methods of income comparison acrosscountries?
What are the main characteristics of developing countries?(Know the relationshipsbetween income and literacy, health, poverty etc)
What are the five stages of economic development according to Rostow?Describe eachbriefly.

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Term
Spring
Professor
KEVINBRADY
Tags
Economics, Capital accumulation, higher saving rate

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