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Midterm

EC207 Midterm: Midterm Concepts for Review


Department
Economics
Course Code
EC207
Professor
Shadab Qaiser
Study Guide
Midterm

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Midterm Concepts for Review
CH. 1
Capabilities
Freedom in terms of choice of what a person can do with commodities
given (functioning)
Developing countries
Countries with low, lower middle, or upper-middle income countries
Development
A process of gradual advancement, a plan and unfolding process by
which anything is developed. Improvement process that passes
degrees to an advanced stage.
Development Economics
Field of study devoted to understanding economic experience of
developing countries
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
Income per capita
Measures the average income earned per person in a given area, in a
specified year. It is calculated by dividing the area's total income by its
total population.
Institutions
Provide rules of economic life
Property rights, contract enforcement
Restricting coercive, fraudulent and anti-competitive behavior
Providing access to opportunities for the broad population
Constraining the power of elites, and managing conflict
Poverty
Lack of income, shelter, representation, freedom, hunger.
Self-esteem
Quality of life is good when there is respect, self value. Development
should be a tool of achieving self esteem
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Traditional economics
Traditional neoclassical economics failed to address challenges faced
by development.
Traditional measure of development is per capita income as a
measure of economic development using GNI or GDP.
Traditional view led to wide spread poverty and income inequality
and unemployment, especially in Africa.
Needs to include health and education instead of just income.
Values
Sustenance
Ability to meet basic needs such as food, shelter and protection.
The absence of this leads to absolute underdevelopment
Self Esteem
Servitude
Being able to choose human freedom. Increasing human
choices.
Millennium Development Goals (MDGs)
1. Eradicate extreme poverty and hunger
Reduce by half the proportion of people of people who live on
less than $1 a day and who suffer from hunger
2. Achieve universal primary education
Ensure that all boys and girls complete a full course of primary
schooling
3. Promote gender equality and empower women
Eliminate gender discrimination and secondary education.
4. Reduce child mortality
Reduce by two-thirds the mortality rate among children under
5
5. Improve maternal health
Reduce by three-quarters the maternal morality ratio
6. Combat HIV/AIDS, malaria and other diseases
Halt and begin to reverse the spread of Aids
Halt and begin to reverse the incidence of malaria and other
major diseases
7. Ensure environmental sustainability
Integrate the principles of sustainable development into
country policies and programs, reverse loss of environmental
resources.
8. Develop a global partnership for development
Develop further an open, rule-based, predictable, non-
discriminatory, trading and financial system.
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