ECON 313- chap2

ECON 313- chap2 - 1 ECON 313- Chapter 1. A tti tude: A...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 ECON 313- Chapter 1. Attitude: A state of mind or feeling of an individual, group, or society regarding issues such as material gain, hard work, saving for the future, and sharing wealth. Capabilities: The freedoms that people have, given their personal features and their command over commodities. Developing countries: the present countries of Asia, Africa, the Middle East, Latin America, eastern Europe, and the former Soviet Union, mainly characterized by low levels of living, high rates of population growth, low income per capita, and general economic and technological dependence on developed economies. Development: the process of improving the quality of all human lives. Three equally important aspects of development are (1) raising people’s levels of living – their incomes and consumption levels of food, medical services, education etc. through relevant economic growth processes; (2) creating conditions conductive to the growth of people’s self-esteem through the establishment of social, political, and economic systems and institutions that promote human dignity and respect; and (3) increasing people’s freedom by enlarging the range of their choice variables, as by increasing varieties of consumer goods and services. Development economics: 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. Freedom: a situation in which a society has at its disposal a variety of alternatives from which to satisfy its wants. Functionings: what people do or can do with the commodities of given characteristics that they come to possess or control. Globalization: the increasing integration of national economies into expanding international markets. Gross national income (GNI): the total domestic and foreign output claimed by residents of a country. It comprises gross domestic product (GDP) plus factor incomes accruing to residents from abroad, less the income earned in the domestic economy accruing to persons abroad. Income per capita: total gross national product of a country divided by total population. Per capita income is often used as an economic indicator of level of living and development. It can, however, be a biased index because it takes no account of income distribution and the owner ship of the assets that are employed to generate part of that income. Less developed countries (LDCs): = developing countries Millennium Development Goals (MDGs): A set of eight goals adopted by the UN in 2000: to eradicate extreme poverty and hunger, achieve universal primary education, promote gender equality and empower women, reduce child mortality, improve maternal health, combat HIV/ AIDS, malaria, and other diseases, ensure environmental sustainability, and develop a global partnership for development. The goals are assigned specific targets to be achieved by 2015. More developed countries (MDCs): = developed world: the now economically advanced capitalist countries of
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/09/2010 for the course ECON 313 taught by Professor Iforget during the Spring '10 term at McGill.

Page1 / 9

ECON 313- chap2 - 1 ECON 313- Chapter 1. A tti tude: A...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online