ECON 313 Chapter Notes - Chapter 2: Technology Transfer, Comparative Advantage, Human Capital Flight
18 Apr 2016
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Document Summary
World bank: an organisation known as an international financial institution that provides development funds to developing countries in the form of interest-bearing loans, grants, and technical assistance. Low-income countries (lics): gni per capita of less than in 2008. Middle-income countries (mics): gni per capita of between and 11,906 in 2008. Newly industrialising countries (nics): countries at a relatively advanced level of economic development with a substantial and dynamic industrial sector and with close links to the international trade, finance, and investment system. Least developed countries: un designation for countries with low income, low human capital, and high economic vulnerability. Value added: the portion of a product"s final value that is added at each stage of production. Capital stock: the total amount of physical goods existing at a particular time that have been produced for use in the production of other goods and services.
