MGEC81H3 Study Guide - Midterm Guide: Diminishing Returns, Capital Formation, Capital Accumulation
29 Jan 2013
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Document Summary
The process of improving the quality of all human lives. To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection. Sustenance: the ability to meet basic needs. Self-esteem: to be a person; to be a functioning member of the society in a certain community. Freedom from servitude: to be able to choose; the concept of human freedom. The organizational and institutional structure of a society, including its values, attitudes, power structure, and traditions. Major social systems include political processes, religions, and ethnic divisions. The total domestic and foreign output claimed by residents of a country (gdp + factor incomes accruing to residents from abroad - the income earned in the domestic economy accruing to persons abroad) The total final output of g/s produced by the country s economy, w/in the country s territory, by residents and non-residents, regardless of its allocation b/n domestic and foreign claims.
