my flashcards
(5 cards)
1
Q
what is the definition of development Economics
A
study of improving lives. focusing on:
Living standards
Self-esteem
Freedom of choice
2
Q
capabilities approach eco ch1
A
capabilities of beings and doings.
doings are activities that we can undertake
and beings refers to kinds of persons we are able to be
3
Q
what are some necesities for development
A
Rule of law, property rights, and governance quality significantly impact development.
4
Q
what are some geographical impacts to development
A
○ Tropical regions often face challenges like disease and poor soil.
○ Landlocked countries have limited trade opportunities.
5
Q
Harrod-Domar Growth Model formula
A
g = s/v - d
* g = economic growth rate * s = savings rate (as a fraction of GDP) * v = capital-output ratio (also known as the ICOR—Incremental Capital-Output Ratio) * d = depreciation rate
