Chapter 1 Eco Flashcards
(29 cards)
What are the 3 main focuses of development economics?
Improving: living standards, self-esteem, and freedom of choice.
Name the three core aspects development economics seeks to improve.
Living standards, self-esteem, and freedom of choice.
What are the four strata of living standards?
Extreme poverty, poor (non-extreme), middle income, and rich.
Define ‘extreme poverty’.
Living on $1.90/day or less, often with unmet basic needs.
What characterizes the ‘poor (non-extreme)’ stratum?
Living on ~$3.80/day, limited access to improved resources, informal jobs.
What is the income threshold for the middle-income stratum?
Living on ~$15/day.
What is the income threshold for the ‘rich’ stratum?
Living on ~$75/day or more.
What are the World Bank’s classifications of countries by income?
Low-income (LICs), lower-middle (LMCs), upper-middle (UMCs), and high-income (HICs).
What is the GNI per capita range for LICs?
Less than $1145
What is the GNI per capita range for UMCs?
$4516–$14005
What is the GNI per capita for HICs?
equal or Above to $14006
How (with what) does the UN classify ‘least-developed countries’?
Low income, low health/education, high vulnerability.
What disciplines contribute to development economics?
Sociology, political science, history, and economics.
Define Amartya Sen’s ‘Capability Approach’. ECO ch 1
Development as the expansion of capabilities and freedoms people value.
What are Sen’s five sources of disparity between income and advantages?
Personal heterogeneities, environmental diversities, social climate, family distribution, relational perspectives.
What are ‘functionings’ in Sen’s framework?
Valued ‘beings’ or ‘doings,’ such as being healthy or educated.
What are the Sustainable Development Goals (SDGs)?
17 global goals by the UN to address poverty, inequality, and climate change by 2030.
Give an example of a Sustainable Development Goal.
Goal 1: Eradicate poverty; Goal 13: Climate action.
Why is the SDG approach multidimensional? ECON 17 global goals
are a set of 17 global goals established by the United Nations to tackle a broad range of issues
It addresses social, economic, and environmental challenges simultaneously.
Why are women central to development, according to scholars?
Women invest more in child health and education, breaking cycles of poverty.
What percentage of the world population lives in middle-income countries?
About 60%.
What percentage of the global population lived in LICs in 1990?
Over half.
What is the HDI, and why is it important?
The Human Development Index includes income, education, and health to measure well-being.
List three key challenges addressed by development economics.
Extreme poverty, rapid urbanization, and environmental degradation.
