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Economic Development (Midterm) > Introduction to Economic development > Flashcards

Introduction to Economic development Flashcards

1
Q

Comes from the Greek word “oikonomia” which means household management.

A

Economics

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2
Q

is part of everyone’s life- it involves the production, use, and distribution of wealth to meet the needs of the people

A

Economics

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3
Q

household
management

A

Oikos
Nomos

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4
Q

He says that economics is “the study of how people and society end up choosing, with or without the use of money, to employ scarce resources that could have alternative uses to produce various commodities among various persons and groups in society.”

A

Paul Samuelson

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5
Q

the amount of something available is insufficient to satisfy the needs or desires

A

Scarcity

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6
Q

“Economics concerns situations in which choices must be made about how to use limited resources, when to use them and for what purposes. Resources can be defined as the things people use to make the commodities they want.”

A

Roger Le Roy Miller (Economics, Today and Tomorrow)

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7
Q

the labor, capital, land and natural resources, and entrepreneurship needed or used to produce goods and services

A

Resources

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8
Q

Unlimited-
Wants-

A

infinite
needs

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9
Q

Ultimate end of economic activity

A

Consumption

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10
Q

use of inputs to produce outputs

A

Production

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11
Q

Allocation of total products or resources among members of the society

A

Distribution

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12
Q

Concerned with government expenditures and revenues
Taxation and borrowing

A

Public Finance

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13
Q

deals with the huge aggregates like national output employment, the money supply, bank deposits and government spending and how we can deal with inflation and recession

A

Macroeconomics

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14
Q

is the study of the entire behavior of the economy and the factors and forces which cause depression, inflation, and recession.

A

Macroeconomics

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15
Q

operates on the level of the individual business firm as well as that of the individual consumer

A

Microeconomics

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16
Q

is the study of economics which deals with the behavior and activities of individuals in specific units such as entrepreneurs, firms, manufacturers as well as consumers

A

Microeconomics

17
Q

the capacity of a national economy, whose initial economic condition has been more or less static for a long time, to generate and sustain an annual increase in its gross national product (GNP).

A

Development

17
Q

IMPORTANCE OF ECONOMICS

A
  1. To understand the world better, and to explain events such as wars, economic depressions, and epidemics, using the tools in economics
  2. To gain confidence and make wise decisions
  3. To achieve social changes and understand social problems
  4. To prepare for other careers in political science, and economics related fields such as politics, international relations, law, medicine
18
Q

is concerned with the efficient allocation of existing scarce resources (traditional economic factors) but it also deals with economic, social, political, and institutional mechanisms (non-traditional economic factors).

A

Economic Development

18
Q

Reduction or elimination of:

A

Poverty
Unemployment
Illiteracy
Inequality
Disease
Exploitations

19
Q

Factors of Economic Development :

A

Political stability
Macroeconomic stability
Levels of infrastructure
Natural resources
Educational standards
Barriers to trade
Saving rates/foreign aid

20
Q

Main Elements of Economic Development:

A

Economic Development is a process
Economic Development is an increase in real per capita income
Economic development is a Long Period Concept
Economic Development is the absence of a rise in poverty and inequality

21
Q

is concerned primarily with the efficient, least-cost allocation of scarce productive resources and with the optimal growth of these resources over time so as to produce an ever-expanding range of goods and services.

A

Traditional Economics

22
Q

deals with an advanced capitalist world of perfect markets; consumer sovereignty; automatic price adjustments; decisions made on the basis of marginal, private-profit, and utility calculations; and equilibrium outcomes in all product and resource markets. It assumes economic “rationality” and a purely materialistic, individualistic, self-interested orientation toward economic decision-making.

A

Traditional neoclassical economics

23
Q

goes beyond traditional economics to study, among other things, the social and institutional processes through which certain groups of economic and political elites influence the allocation of scarce productive resources now and in the future, either for their own benefit exclusively or for that of the larger population as well.

A

Political Economy

24
Q

He stated that The development of the people is not dependent on the material objects that they possess
The GDP cannot measure the total well-being of the person

A

Amartya Sen’s Capability Approach

24
Q

s concerned with human beings and the social systems by which they organize their activities to satisfy basic material needs and nonmaterial wants.

A

Economic development

25
Q

It is necessary to recognize from the outset that ethical or normative value premises about what is or is not desirable are central features of the economic discipline in general and of development economics in particular.

A

Economic development

26
Q

is the ability to choose and to achieve something which helps the person achieve his well-being

A

Capability

27
Q

this factor limit your possibility of achieving your functions

A

Conversions factors

28
Q

FACTORS THAT AFFECT YOUR FREEDOM

A

MATERIAL
POLITICAL
ECONOMIC
SOCIAL OPPORTUNITIES
TRANSPARENCY
SECURITY

29
Q

THREE OBJECTIVES OF DEVELOPMENT

A
  1. To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection;
  2. To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem; and
  3. To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence, not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
29
Q

The ability to meet basic needs.

A

Sustenance

30
Q

To be Able to Choose.

A

Freedom from Servitude

30
Q

To Be a Person

A

Self-Esteem

Economic Development (Midterm) (4 decks)

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