SOSC 1910 Study Guide - Midterm Guide: Triangular Trade, Local Purchasing, Economic Surplus

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Briefly describe its significance in the context of the course: dominant ideology - a set of interrelated beliefs that tell us how the world works and how it ought to work (descriptive and prescriptive). Reinscribes and reinforces the status quo and resist change. Gnp the total domestic and foreign output claimed by residents of a country in one year. Gdp is simply an output measure, the total final output of goods and services produced by an economy. Significance: gnp and gdp are the most commonly accepted methods of assessment the relative value of each national economy. However, they tell us nothing about income distribution and local purchasing power of the people in the given place. Therefore, these measures fail to give a full identification of the incidence of poverty: third world. The term third world came out of the non-alignment movement. 1955 meeting in indonesia, nasser (egypt), tito (yugoslavia), nehru (india) made an alliance called.

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