EC207 Midterm: Midterm Concepts for Review
Document Summary
Freedom in terms of choice of what a person can do with commodities given (functioning) Countries with low, lower middle, or upper-middle income countries. A process of gradual advancement, a plan and unfolding process by which anything is developed. Improvement process that passes degrees to an advanced stage. Field of study devoted to understanding economic experience of developing countries. 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. 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. Lack of income, shelter, representation, freedom, hunger. Quality of life is good when there is respect, self value. Development should be a tool of achieving self esteem. Traditional neoclassical economics failed to address challenges faced by development.
