Term
|
Definition
| developed by Adam Smith. Concepts: free trade, and supply and demand |
|
|
Term
| economic growth strategies |
|
Definition
| investing in industrial techs. to expand economically |
|
|
Term
|
Definition
| when a company can produce a good or service at a lower cost than competitors |
|
|
Term
|
Definition
| the liberal economists belief that imports and exports should be unrestricted by tariffs |
|
|
Term
|
Definition
| trade restrictions- keeping companies from competing with their buisness |
|
|
Term
|
Definition
| emphasize producing and trading products with a comparitive advantage |
|
|
Term
|
Definition
| per-unit cost decreases when a company produces more of a product |
|
|
Term
|
Definition
| perscribes growth through trade as a development strategy |
|
|
Term
|
Definition
| when developing world countries have not achieved economic independence |
|
|
Term
| what was the point of the NIEO |
|
Definition
| to attempt to level the international economic playing field |
|
|
Term
|
Definition
| the difference between farmers cost of raising the agricultural prodict and the world market price for that commodity |
|
|
Term
|
Definition
| when the gov must sign an agreement to open up its domestic market to foreign imports |
|
|
Term
| why are basic needs stratigies used? |
|
Definition
| to produce more and better quality food and to reduce malnutrition |
|
|
Term
| participatory development |
|
Definition
| noting through trial and error what factors account for success |
|
|
Term
|
Definition
| using animal and human power or wind and water instead of modern machinery |
|
|
Term
|
Definition
| an economic process the enables people to produce enough wealth for an acceptable quality of life |
|
|
Term
|
Definition
| the total value of all goods and services a country's economy has produced |
|
|
Term
|
Definition
| where people who live a modern lifestyle exists in a society of poverity |
|
|
Term
|
Definition
| lacking social programs as a fall brake in hard times |
|
|
Term
|
Definition
| output of G/S in relation to the number of work hours used to produce them |
|
|
Term
|
Definition
| infrastructure- factories, farms, railroads, etc.. |
|
|
Term
|
Definition
| bank deposites, earnings from international trade, etc.. |
|
|
Term
|
Definition
| finances and the facilities needed to produce wealth |
|
|
Term
|
Definition
| needed for successful development (schools, hospitals, etc..) |
|
|
Term
|
Definition
| traded and unprocessed and in their natural state |
|
|
Term
|
Definition
| trade earnings- used to buy machinery |
|
|
Term
|
Definition
| items that other countries will take for currency |
|
|
Term
|
Definition
| official aid from public sources coming from another countrie's government |
|
|
Term
|
Definition
| change in population growth that has occured |
|
|
Term
|
Definition
| shared common identity to an established political system |
|
|
