GEO 101 Chapter Notes - Chapter 7: Gross National Income, Purchasing Power Parity, Core Countries
3 May 2016
School
Department
Course
Professor
Document Summary
Economic development: refers to processes of change involving nature and composition of the economy of a particular region as well as to increase overall prosperity. Changes in the structure of region"s economy. Changes in forms of economic organization within the region. Changes in availability and use technology within the region. Economic development is suppose to bring with it a better standard of living. Core regions in the world system have more diversified economies, most advanced technology and the highest levels of prosperity. Levels of economic development are usually measured by gdp and is the estimate of the total value of all materials, foodstuffs, goods and services that are produced by a country. Measures income that flows to a country from production. Purchasing power parity: measures how much of a common market basket of goods and services each currency can purchase locally. Most high levels of economic development are found in northern latitudes.
