PSC 203 Lecture Notes - Lecture 13: Gross Domestic Product, Least Developed Countries, Operationalization
10 May 2017
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Document Summary
The process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country"s economy involving qualitative as well as quantitative improvements . Live according to their needs and interests. Summary: expanding choices so people can lead qualitative lives. Not concentrated in amount of money a person gets (money can be used for anything) Money gained from all finished goods and services within a state"s borders within temporal limits divided by the amount of people in said country. Gdp + incomes earned by citizens in another state- income earned domestically by non-citizens. Is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living .
