POL S 147 Lecture Notes - Lecture 1: Purchasing Power Parity, The Bottom Billion, Subsistence Agriculture
Document Summary
Measurement of income between high and low countries. How are countries different from each other? o o. This involves economics and how it is effected by political decisions. Read the bottom billion- presents a point of view. However today, most of the developmental economies are not as industrialized as it once was thought to be necessary- most countries are service economies: us work force is not employed in manufacturing. Gdp: value of all final goods and services produced in a country then sold at market prices o. In order to be counted it needs to be sold in the market. For example: if my mother makes me a sweater the yarn and fabric is counted because it is bought at the store but not the whole value of the sweater itself is counted for. For example: babysitting a friends child it does not count: not every financial transaction is counted for because it goes unrecorded o.
