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chapter 10 and 12 notes

Define Commodity Chains series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market
Define Gross National Product the total value of all goods and services produced by a country's economy in a given year.It includes all goods and services produced by corporations and individuals of a country,wheather or not they are located within the country.
Define Gross Domestic Product the total value of goods and services produced by a country during a given year.
Define Gross National Income monetary worth of what is produced within a country plus income recieved from investments outside the country. A more accurate way of measuring a country's weatlh.(critized cause it does not include the informal economy which many countries survive)
Define per capita GNI GNI divided by the population
Define formal economy legal economy that the governments tax and moniter
Define informal economy the illegal or uncountedeconomy that the goverment does not tax or keep track of(from illegal drug trade to the black market)
What are other ways to measure wealth or development of a country? occupational structure of the labor force,productivity per worker,dependancy ration,transportation and communication facilitie per person,literacy rates, social welfare,infant mortality,caloric intake per person,life expectancy,savings per capita
Descibe the modernization model. Created by Walt Rostow , a "ladder of development" in which all countries fo through 5 stages of development.Traditional,preconditions to take off, takeoff,drive to matruity and high mass consumption.
What is one major flaw in the modernization model? It suggets a scale in which all countries have or will move throught the same process of development.Just because Jpan moved from rural to indutrial quickly does not mean Sudan will.Another critism is that it doesnt take into account other countries.
Define Context the geographical situation in which something occurs;the combination of what is happening at a variety of scales concurrently.
Define Neo-colonialism the entrenchmenmt of the colonial order, such as trade and investment,under a new guise.(in other wordsmajor world powers control eco of poorer countries even though they are soveriegn)
Define Structalist theory a general term for model of economic developmenmt that treats economic disparites among countries or regions as a result of historically derived power relations within the global economic system.
Created by: 1273808126