GEO 101 Study Guide - Midterm Guide: Small Business, Zero-Sum Game, Structural Adjustment
Document Summary
Economic development: refers to the processes of change involving the nature and composition of the economy of a particular region as well as to increases in the overall prosperity of a region. Three changes: changes in the structure of the region"s economy, changes in forms of economic organization within the region, changes in the availability and use of technology within the region. Gross domestic product: is an estimate of the total value of all materials, foodstuffs, goods, and services that are produced by a country in a particular year. Gross national income: is a measure of the income that flows to a country from production wherever in the world that production occurs. For example, if a u. s. owned company operating in another country sends some of its income back to the united states, this adds to the u. s. Purchasing power parity: measures how much of a common market basket of goods and services that are not traded internationally.
