Module 1 Flashcards
This is a situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter, and other essentials.
Absolute Poverty
This is an economy in which
production is mainly for personal consumption
and the standard of living yields little more than
basic necessities of life—food, shelter, and
clothing.
Subsistence Economy
This is the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom.
Development
This is a field of study that is rapidly evolving its
own distinctive analytical and methodological
identity.
Economic Development
He is claimed to be the first development economist who wrote the Wealth of Nations that was published in 1776.
Adam Smith
This was claimed as the first treatise on economic development.
Wealth of Nations by Adam Smith
True o False: We can analyze developing countries realistically without also considering the role of economically developed nations in promoting or retarding that development.
False. We cannot.
This has a great scope that is deals with the economic, social, political, and institutional mechanisms, both
public and private, necessary to bring about rapid (at least by historical
standards) and large-scale improvements.
Development Economics
This is an approach to economics that emphasizes utility, profit maximization,
market efficiency, and determination of equilibrium. It deals with an advanced capitalist world of perfect markets, consumer sovereignty, and others. It also assumes economic rationality.
Traditional Neoclassical Economics
It is concerned with the relationship between politics and economics, with
a special emphasis on the role of power in economic decision making. This is the attempt to merge economic analysis with practical politics to view economic activity in its political context.
Political Economy
This is 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.
Development Economics
This is a synonym for developing countries.
Less developed countries
This is the increasing integration of national economies into expanding international markets.
Globalization
True or False: Concepts or goals such as economic and social equality, the elimination of poverty, universal education, and political participation all derive from subjective value judgments about what is good and desirable and what is not.
True
What does OECD stand for?
Organization for Economic Cooperation and Development
These are interdependent relationships between economic and non-economic factors. They are organizational and institutional structure of a society.
Social systems
True or False: Values, attitudes, and institutions play in the overall development process of a country.
True
These are principles, standards, or qualities that a society or groups within it considers
worthwhile or desirable.
Values
These are the states of mind or feelings of an individual, group, or society regarding
issues such as material gain, hard work, saving for the future, and sharing wealth.
Attitudes
These are norms, rules of conduct, and generally accepted ways of doing things.
Institutions
These are humanly devised constraints that shape human interactions,
including both informal and formal “rules of the game” of economic life in the widely
used framework of Douglass North.
Economic institutions
This is the total final output of goods and services produced by the country’s economy, within the country’s territory, by residents and nonresidents, regardless of its allocation between domestic and foreign claims.
Gross Domestic Product (GDP)
This is 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.
Gross national Income
This is an approach that states capabilities as freedoms enjoyed in terms of functionings, given their personal features and their command over commodities. It states that a person may well regard happiness as an important functioning for her well-being.
Amartya Sen’s Capability Approach
