POL 101W Chapter Notes - Chapter 17: International Monetary Fund, Non-Governmental Organization, Free Trade
20 Dec 2016
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Purchasing power parity - measure of per capita income showing purchasing power of income instead of its worth at current exchange rates. Underdeveloped countries - term often used to describe third world countries. Developing countries - countries that have not reached same level of development as richer, advanced countries. Less developed countries often compared to more developed countries in terms of per capita gross domestic product (gdp) Market value of goods & services produced in country. If countries increase gdp, we can say economic growth occurring. Development - condition involving satisfaction of basic needs of all the people & means for them to live fulfilling & productive lives based on creation of more diversified, sophisticated, sustainable economy. Because of great inequalities in wealth & power in many less developed countries, additional wealth often ends up in pockets of rich. Development may be thought of in terms of 3 goals.
