POSC 230 Lecture Notes - Lecture 3: United Nations Convention On The Law Of The Sea, Fatah, Yitzhak Rabin
22 Jun 2016
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**reference figure 1. 2- 9 regions of the world. The combined process of capital accumulation, rising per capita incomes (with consequent falling birthrates), increasing skills in the population, adoption of new technological styles, and other related social and economic changes (from book) Measured by: gdp(the value of all goods and services produced in the country in a given year) per capita ppp(purchasing power. Ex: =i loaf of bread, in zimbabwe =15 loaves of bread as a measure. Drawbacks: if used to determined how well a country is doing. Does not look at rate of growth, it is static: level vs growth rate. **recession- 2 consecutive quarters of year where economy has been shrinking in size. Development of local industries to produce items the country had been importing: problematic, might not be most efficient approach. Not very efficient; contradicts comparative advantage (comparative advantage: focus on what you do best, then trade produced goods for other necessities: not historically efficient.
