economic development of nations(final)

Question 1

what fosters economic development

Answer 1

1. democratic government
2. market-based economic reforms
3. legal systems that better enforce property rights

Question 2

define economic growth

Answer 2

an increase in production in an economy which results in a rise in national income

Question 3

define economic development

Answer 3

programs, policies, and activities that improve standards of living in a nation

Question 4

how to measure economic development/human development index

Answer 4

1. healthcare
2. education
3. infrastructure

Question 5

examples of infrastructure

Answer 5

1. internet
2. water
3. electricty
4. roads

Question 6

define GDP

Answer 6

monetary value of all final goods and services produced in an economy during a period of time

Question 7

how often is GDP calculated?

Answer 7

yearly or quarterly

Question 8

what is GNI

Answer 8

GDP+income it gets from sources overseas

Question 9

what is purchasing power parity?

Answer 9

the strength of a currency in consuming goods and services

Question 10

what did Amartya Sen say

Answer 10

1. economic development should be assessed by the opportunities people enjoy
2. development requires the removal of poverty, unemployment, and poor economic development

Question 11

economic growth vs economic development

Answer 11

1.economic growth reflects growth per capita income, measured in quantity
2. economic development is measured in quantity and quality