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productivity
amount of goods and services produced from each unit of labor
physical capital
assets utilized to produced goods and services
human capital
measure education attainment, trainings, years of experience and capability
natural resources
comparative advantage
includes trees, water, minerals, metals, fruits and root crops that makes an economy produced more goods and services
technology
closely related to research and development
the output of innovation
land
labor
capital
entrepreneurship
4 factors of production
united nations
finances millenium development goals (MDG)
international development Association (IDA)
finances United Nation (UN)
classical growth theory
modern category of economic theory that is applied to the work of several economist
developed by most British economist during the industrial revolution
Adam Smith
father of modern economics
scottish economist
wealth of the nation
Adam smith wrote the book ______
Adam Smith
defines the economics as an inquiry in to the nature and causes of the wealth of the nations
familiar in the law of supply and demand
leave alone theory
laissez-faire theory aka ______ : promotes market capitalism (free market) opposing government intervention and business operations
david ricardo
he extended the theory of Adam Smith
david ricardo
he also develop the concept of comparative advantage (country or location especialization)
gains from trade
this is the extra production/output from international trade
karl marx
father of modern socialism
marxism theory
the means of production should be held by the ones operated them
milton friedman
american economist
monetarism theory
monetarism theory
money supply is the primary factors which drives different economics situation (value of money)
john maynard keynes
father of macroeconomics
keynesian theory
promotes government spending on infrastructures and education to increase consumer demand (makes accessible and affordable to the public)
thomas malthus
an economist and philosopher proposed malthusian theory
population theory
malthusian theory also known as ______
malthusian theory
human population grows faster than food supply
economic development
process by which the economic well-being and quality of a nation, region, local community or an individual are improved according to targeted goals and objectives
infrastructure
education system
public safety
local business
job opportunities
tourism
objectives of economic development includes innitiative to improve the following:
education
health
employment rate
gender equality
main social indicators of development:
gdp
sum of the income contributed by firms, household;
measure how much money can a country make
gnp
gdp + income abroad
gnp per capita
calculated as gnp/population
human development index
composite statistic calculated in the:
life expectancy index
education index
mean years of schooling index
expected years of schooling index
income index
infant mortality rate
numbers of infants dying before reaching the age of 1
literacy rate
to assess the education';
can be used to rate the percentage of people who are able to read
life expectancy rate
can be used as an indicator of the following:
health care quality in a country or province
level of sanitation
provision of care for elderly
economic structure
the structural transformation in the economy
urbanization
measures the incrasing portion of population living in urban areas compared to rural
saving figures
measures the investment and capital in an economy for industrialization process
industrialization
mass production
quality of life index
it measures the welfare of citizen and prosperity
physical quality index
numerical literacy
ability to count 1-1000