EC207 Study Guide - Midterm Guide: Grameen Bank, Inner Peace, Free Trade
Document Summary
Chapter 1: introducing economic development a global perspective. Level of per capital income is high. Access to basic health, adequate food & basic education. Well-developed institutions (ie. central bank, police, education) Human rights, political freedom, and political stability. Access to human capital; results in the creation of ideas. Level of per capital income is low. Surface level access to technology (ie. cell phones but not healthcare) Poor institutions do not invest in human capital. A process of gradual advancement ie. change from agriculture to services sector (more stable, more income); family income has increased and they are having less children (not needed to work the farm) A process of growth through a series of progressive changes. A gradual unfolding process by which any thing is developed. An act of improving by expanding or enlarging or refining. A process in which something passes by degrees to an advanced stage.
