GEOG 020 Lecture Notes - Lecture 5: World-Systems Theory, Gross National Income, Quinary
Document Summary
Economic development - a variety of measures that deals with the overall improvement of people -- how the country has progressed; access to healthcare, education, women"s rights, technology, low crime rate, stable government - how has the country progressed. Gdp (gross domestic product) - income that a country earns; the total amount of anything a country produces for one year within the country *only domestic. Gnp (gross national product) - total production of goods and services in a country for a particular year; outside production is counted *domestic and international. Gni (gross national income) - measure of the monetary worth of what is produced within a country as well as income received from investments outside the country. Formal economy - the legal economy that governments tax and monitor. Informal economy - the illegal or uncounted economy that governments do not tax or monitor. *not counted in the gdp, gnp, and gni.
