ECON103 Chapter Notes - Chapter 11: The Big Break, Industrial Revolution, Comparative Advantage
Document Summary
Chapter 11: economic growth and the wealth of nations. Real per capita gdp measures the average level of income in a nation. Wealthier societies provide better living standards, which include better nutrition, educational opportunities, health care, freedom and even sources of entertainment. In poor countries, 53 out of 1,000 babies die at birth or in the first year of life, while in rich nations the number is only 4 out of every 1,000. Overall, life expectancy in poor nations is 62 years, while in wealthy nations it is 81 years. Rich nations have about 14 times as many doctors per person. Clean water and sanitation are available to only a fraction of people in poor nations. Literacy rates in poor countries are significantly lower than literacy rates in wealthy countries. U(cid:374)til (cid:448)er(cid:455) re(cid:272)e(cid:374)tl(cid:455), the (cid:272)o(cid:373)(cid:373)o(cid:374) perso(cid:374)"s e(cid:454)iste(cid:374)(cid:272)e (cid:449)as de(cid:448)oted to su(cid:271)siste(cid:374)(cid:272)e, (cid:449)hi(cid:272)h involved simply trying to find enough shelter, clothing and nourishment to survive.
