ECS 3013 - Exam 1.docx - ECS 3013 International Economic...

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ECS 3013 – International Economic Development Chapter 2 Development Economics – all problems of developing countries Social Fractionalization – differences between race, age, etc. that after economic development Purchasing Power Parody – what money is really worth (buying/selling/etc.) rather than income across a nation. How strong a currency is. Income – total income/population Worker productivity – total income/# of people in the labor force Chapter 3 Problem of economic growth – trying to shift the LRAS curve in order to produce more employment Income rate = most recent year + (1 + growth rate in decimal) ^ years in a period Development of Growth: 5 Stages - Rostow 1. Traditional society 2. Preconditions for Takeoff 3. Take Off 4. Drive to Maturity – things become more sophisticated 5. Age of High Mass Communication – developed countries are today. All of the sophisticated products became available to the masses/public The stages don’t have set times for growth

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