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Int. Eco&Poli Concepts for review Chapter 2
Terms in this set (29)
The situation of being unable or only barely able to meet the subsistence essentials of food, clothing, shelter, and basic health care.
The emigration of highly educated and skilled
professionals and technicians from the developing countries to the developed world.
The total amount of physical goods existing at a particular time that have been produced for use in the production of other goods and services.
The tendency for per capita income (or output) to grow faster in lower-income countries than in higher-income countries so that lower-income countries are "catching up" over time. When countries are hypothesized to converge not in all cases but other things being equal (particularly savings rates, labor force growth, and production technologies), then the term conditional convergence is used.
Crude birth rate
The number of children born alive each year per 1,000 population.
The proportion of the total population aged 0 to 15 and 65+, which is considered economically unproductive and therefore not counted in the labor force.
Depreciation (of the capital stock)
The wearing out of equipment, buildings, infrastructure, and other forms of capital, reflected in write-offs to the value of the capital stock.
Diminishing Marginal Utility
The concept that the subjective value of additional consumption lessens as total consumption becomes higher.
A tendency for per capita income (or output) to grow faster in higher-income countries than in lower-income countries so that the income gap widens across countries over time (as was seen in the two centuries after industrialization began
"Humanly devised" constraints that shape interactions (or "rules of the game") in an economy, including formal rules embodied in constitutions, laws, contracts, and market regulations, plus informal rules reflected in norms of behavior and conduct, values, customs, and generally accepted ways of doing things.
- Provide "rule of the game" of economic life
- underpinning of market economy
- include property rights; contract enforcement
- can work for improving coordination
- restricting coercive, fraudulent and anti-competitive behavior
- providing access to opportunities for the broad population
- constraining the power of elites, and managing conflict
- provision of social insurance
- provision of predictable macroeconomic stability
Significant ethnic, linguistic, and other social divisions within a country.
Trade in which goods can be imported and
exported without any barriers in the forms of tariffs, quotas, or other restrictions.
Gross Domestic Product - GDP
The total final output of goods and services produced by the country's economy within the country's territory by residents and nonresidents, regardless of its allocation between domestic and foreign claims.
Gross national income - GNI
The total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus factor incomes earned by foreign residents, minus income earned in the domestic economy by non- residents.
Productive investments in people, such as skills, values, and health resulting from expenditures on education, on-the-job training programs, and medical care.
Human Development Index - HDI
An index measuring national socioeconomic development, based on combining measures of education, health, and adjusted real income per capita.
A market in which the theoretical assumptions of perfect competition are violated by the existence of, for example, a small number of buyers and sellers, barriers to entry, and incomplete information.
The absence of information that producers and consumers need to make efficient decisions resulting in underperforming markets.
Facilities that enable economic activity and
markets, such as transportation, communication and distribution networks, utilities, water, sewer, and energy supply systems.
Least Developed Countries
A UN designation of countries with low income, low human capital, and high economic vulnerability.
Low-Income Countries - LICs
In the World Bank classification, countries with a GNI per capita of less than $1,025 in 2011.
Middle-Income Countries - MICx
In the World Bank classification, countries with a GNI per capita between $1,025 and $12,475
Newly-Industrializing Countries - NICs
Countries at a relatively advanced
level of economic development with a substantial and dynamic industrial sector and with close links to the international trade, finance, and investment system.
Purchasing Power Parity - PPP
Calculation of GNI using a common set of international prices for all goods and services, to provide more accurate comparisons of living standards.
Research and development - R&D
Scientific investigation with a view toward improving the existing quality of human life, products, profits, factors of production, or knowledge.
A nation's supply of usable factors of production, including mineral deposits, raw materials, and labor.
Terms of trade
The ratio of a country's average export price
to its average import price.
The portion of a product's final value that is added at each stage of production.
An organization known as an "international financial institution"
that provides development funds to developing countries in the form of interest-bearing loans, grants, and technical assistance.
THIS SET IS OFTEN IN FOLDERS WITH...
Int. Eco&Poli Concepts for review Chapter 12
Int. Eco&Poli Concepts for review Chapter 13
Int. Eco&Poli Concepts for review Chapter 14
Int. Eco&Poli Concepts for review Chapter 15
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