EC207 Midterm: Review Session
Document Summary
Mcq and short answers (2 x 22. 5 = 45) Model of unemployed in developing countries, excessive unemployment. Poor people need capital for immediate needs, dependency rates are higher absolute poverty: a situation of being unable to meet the minimum levels of income, food, clothing, health care, shelter, and other essentials. Subsistence economy: an economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life food, shelter, and clothing. Development the process of improving the quality of all human lives and capabilities by raising people"s levels of living, self-esteem, and freedom. Developing countries: countries of asia, africa, the middle east, latin america, eastern europe, and the former soviet union that are presently characterized by low levels of living and other development deficits. Used in the development literature as a synonym for less developed countries.
