EC207 Chapter Notes - Chapter 1: The Need, Developing Country, Gross National Income
Document Summary
Absolute poverty: a situation of being unable to meet the min. levels of food, clothing, health care, shelter and other essentials. Subsistence economy: an economy in which production is mainly for personal consumption and the standard of living yields a little more than the basic necessities of life. Development: the process of improving the quality of all human lives and capabilities by (cid:396)aidi(cid:374)g people"s le(cid:448)els of li(cid:448)i(cid:374)g, self-esteem and freedom. Key goal of textbook: to aid students in understanding the major problems of major economic development. Developing country: a country that is characterized by low levels of living and other development deficits. One of the newest/most exciting disciplines of economics and political economy. Political economy: the attempt to merge economic analysis with practical politics- viewing economic activity in its political context: concerned with the relationship between politics and economics, with emphasis on role of power in economic decision making.
