Applied Economics
Cards (27)
- Economic growth is measured by the increase in a country's Gross Domestic Product (GDP), which is often juxtaposed with the population.
- This variable considers aspects such as health, nutrition, education, environment, and income distribution in analyzing development.
- This factor considers the impact of human activities on the environment and believes that environmental degradation has significant economic impact.
- high mass consumption.
- Development is defined by the reallocation of labor from agriculture to the industrial sector. A country's development is also defined by factors such as income level and comparative advantages
- The dominance of developed countries and multinational corporations over developing countries leads to dependence and underdevelopment
- Underdevelopment is mainly caused by domestic issues brought about by poor economic policies and resource allocation, as well as government corruption.
- Underdevelopment is due to the slow transmission of technology to developing countries. Knowledge and technology are vital to development thus, investments in education and research and development are encouraged.
- Underdevelopment is caused by uncoordinated activities in the market. To foster development, a "big push" is implemented wherein a public-led investment program focuses on certain economic sectors and coordinates market activities to bring about growth.
- Development is a result of efficient production wherein similarly skilled workers work together to accomplish tasks. High wages and investment in human capital are essential.
- It is the condition where a population is only able to meet its basic subsistence needs such as food, clothing, and shelter.
- It refers to the unequal access to wealth and income, is a major factor which brings about poverty.
- It is a ratio that indicates how much a certain population's distribution of income deviates from a set standard of equality
- It compares the income of the highest-earning or richest 20% of the population with the lowest-earning or poorest 40%.
- It is an economic principle which states that development benefits all members of the population.
- It refers to the severe deprivation of basic human needs which include food, safe drinking water, sanitation facilities, health, shelter, education, and information.
- It refers to the portion of the labor force who is willing to engage in productive activities yet fails to do so.
- It occurs when a worker is "between jobs," which means that he or she has left a job and is looking for another.
- It is brought about by changes in the economy or the business. This is seen during a downturn in the economy when there is less demand for workers.
- It is when people find themselves unemployed at certain times of the year.
- This type of unemployment arises when workers experience longer periods of frictional or cyclical unemployment.
- This refers to the state of an individual being employed, but his or her talents and expertise are underutilized or are not matched to the job.
- Workers who work for less than the normal work hours and who look for additional work. (Part time job)
- Workers who work the normal hours or even in their jobs, but their talents are underutilized or they receive inadequate compensation for their work.
- This refers to the sustained and continual increase in the prices of goods and services.
- A period of high inflation, slow economic growth, and high unemployment is called stagflation.