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12 Cards in this Set
- Front
- Back
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absolute poverty
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situation of being unable to meet minimum levels of income, clothing, food, healthcare, shelter
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subsistence economy
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an economy in which production is mainly for personal consumption- basic life necesities
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development
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process of improving quality of peoples lives by raising peoples levels of living, self-esteem, and freedom
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traditional econ
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approach emphasizing utility, profit maximization, market efficiency, and finding equil.
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political econ
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attempt to merge econ analysis and practical politics
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globalization
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increasing integration of national econs into expanding international markets
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social system
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organization and institutional structure of society including values, attitudes, power structure and traditions
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income per capita
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total gross national income divided by pop.
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gross national income GNI
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total domestic and foreign output claimed by residents of a country. includes GDP plus income from residents abroad minus foreigners earning domestically
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gross domestic product GDP
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total financial outputs of goods and services produced by the country's econ within the country by residents and foreigners, regardless of domestic and foreign claims
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sustenance
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basic goods and services- food, clothing, shelter- necessary for life
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millennium development goals MDG
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set of 8 goals adopted by UN in 2000 to eradicate extreme poverty, achieve universal education, equality, reduce HIV rates, reduce disease, improve maternal health
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