ECODEV

• Absolute poverty


  A situation of being unable to meet the minimum levels of income food clothing healthcare shelter and other essentials
• Freedom


  A situation in which a society has its disposal a variety of alternatives from which to satisfy it wants and individuals enjoy real choices according to their preferences
• Capabilities


  The freedoms that people have given their personal features and their command over commodities
• Functioning


  What people do or can do with the commodities of given characteristics that they come to possess or control
• Gross domestic income


  The total final product of goods and services produced by the countries economy within the country's territory
• Income per capita


  Total gross national income of a country divided by its total population
• Institutions


  Economics institutions are humanly device constraints (norms rules of a conduct and generally accepted ways of doing things) that shape human interactions including both informal and formal rules of the game
• Gross national income


  Total domestic and foreign output claimed by residents of a country
• Attitude


  States of mind or feelings of an individual group or society regarding issues such as material gain hard work saving for the future and sharing wealth
• Values


  Qualities principles or standards that a society or groups within it considers worthwhile or desirable
• Social systems


  Organizational and institutional structure of a society including its values attitudes power structure and traditions
• Poverty


  It is a condition in which a person or community lacks the financial resources and essential for a minimum standard of living
• Less developed countries


  Other term for developing countries
• Development economics


  The study of how economies are transformed from stagnation to growth and from low income to high income status and overcome problems of absolute poverty
• Political economy


  The attempt to merge economics analysis with practical politics
• Traditional economics


  An approach to economics that emphasizes utility profit maximization market efficiency and determination of equilibrium
• More developed countries


  Economically advanced capitalist countries like western europe north america australia new zealand and japan
• Development


  It is the process of improving the quality of all human lives and capabilities by raising people's levels of living self esteem and freedom
• Less developed countries


  Characterized by a low levels of living and other development deficits like countries in asia africa the middle east latin america and eastern europe
• Subsistence economy


  An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life
• Structure of developing nations

  Its size of the country including geographic area its population and income its historical and colonial background and the relative importance of its public and private sectors are just some of the critical components of third world economies
• Indicators of development


  • Health
  • Education
• Characteristics of developing world

  • Higher levels of inequality in absolute poverty
• Economics


  The branch of social science that deals with the allocation of resources production distribution and consumption of goods and services
• Globalization


  The increasing integration of national economies into expanding international markets