ITS 201 Lecture Notes - Lecture 7: Eth, Flea Market, International Development
20 Dec 2017
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Document Summary
Black market : due to the nature of traded goods, transactions operate outside of the formal economy; goods and services traded illegally. Informal economy is a tremendous force for global development. 21st century: amid ailing local and global economies, informal economic activity has exploded. + trillion per year, approximately 1. 8 billion jobs worldwide. +2nd largest economic in the world after the united states economy. Gdp: market or money value of all final good and services produced in a geographical region, usually a country. 2000-2013: based on gdp, africa had 6 of the 10 fastest growing economies. Yet such economic growth isn"t improving the lives of most africans in the long term. 1990: hdi initiated by the united nations as a new way to measure development. +a country with a high gdp still may not provide much in terms of quality of life. 17 goals to be achieved by the united nations international community by 2030.
