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Entrep
| Term | Definition |
|---|---|
| The Theory of Economic Development | Economic growth explained through various theories |
| Mercantilism Theory (16th-18th Century) | First major economic theory. government should regulate all economic activities. |
| Laissez-Faire Theory (18th Century) | Introduced by Adam Smith, minimize the role of government intervention and taxation in the free markets. |
| An Inquiry into the Nature and Causes of the Wealth of Nations | Book written by Adam Smith |
| Belief in the “invisible hand” | individuals pursuing their own interests benefit everyone |
| Karl Marx | He interpreted human history as a class struggle between workers and employers |
| free enterprise (laissez-faire) | would lead to increasingly severe losses and eventually bring about a revolution by the workers |
| Socialism | government ownership of property and equal distribution of resources |
| Entrepreneur Theory (20th Century) | Joseph Schumpeter (1934), explained that economic growth is started by people (whom he called entrepreneurs) who produce goods |
| Entrepreneur | The backbone of the economy |
| Entrepreneur Theory | widely used to answer the need for socio-economic development. |
| Globalization | economic phenomena, also known as "global capitalism,“ |
| Globalization is | characterized by free circulation of capital worldwide and regulation by market forces or "free trade," |
| Cross-border investments and partnerships Examples: Ford, Toyota, Nestle in the Philippines; San Miguel, Jollibee branch abroad | Examples: Ford, Toyota, Nestle in the Philippines; San Miguel, Jollibee branch abroad |
| Reasons for the fast development of globalization: | Globalization has emerged because of the advances in information, communication, and transportation (ICT) technologies 2. New techniques of production and new forms of organization have given the flexibility to the location of industrial activities |
| Entrepreneurship Impacts | improves the well-being of all, The businesses in the community become a sort of huge basket that supports all the lives of the people there |
| Entrepreneurship helps provide the following: | Products and necessities that sustain life; Freedom from servitude, ignorance, social deprivation, and misery; and Self-esteem for the entrepreneur: to be a person with asense of self-worth and self respect and service to the community. |
| International Economic Organizations (IEOs) | Groups or institutions that bring countries together to promote trading, development, and economic progress. |
| The World Bank | offers an array of instruments, including loans and grants to finance poverty reduction and economic development efforts worldwide |
| 2 Types of Financing: | Investment Project Financing and Development Policy Financing |
| Investment Project Financing | Provides financing to governments for activities that create the physical/social infrastructure necessary to reduce poverty and create sustainable development |
| Projects are categorized according to the following: | Urban Poverty Reduction, Rural Development, Water And Sanitation, Natural Resource Management, Post—conflict Reconstruction, Education, Health |
| Urban Poverty Reduction | (involving private contractors in new housing construction) |
| Rural Development | (formalizing land tenure to increase the security of small farmers) |
| Water And Sanitation | (improving the efficiency of water utilities) |
| Natural Resource Management | (providing training in sustainable forestry and farming) |
| Post—conflict Reconstruction | (reintegrating soldiers into communities) |
| Education | (promoting the education of girls) |
| Health | (establishing rural clinics and training health care workers) |
| 2.Development Policy Financing | Provides budget support to governments or a political subdivision for a program of policy and institutional actions to help achieve sustainable, shared growth and poverty reduction. |
| The Association of Southeast Asian Nations (ASEAN) | Established in Bangkok on August 8, 1967 |
| Five original member countries, namely: | Indonesia, Malaysia, Philippines, Singapore, and Thailand. |
| Later members: | Brunei Darussalam joined on January 8, 1984, Vietnam on July 28, 1995, Laos and Myanmar on July 23, 1997, and Cambodia on April 30, 1999 |
| Aims and purposes of the ASEAN are: | To accelerate the economic growth, social progress, and cultural development in the region through joint endeavors in the spirit of equality and partnership. To promote regional peace and stability through abiding respect for justice |
| ASEAN Free Trade Area (AFTA) | Launched at the 4th ASEAN Summit in Singapore (1992) |
| Goal of ASEAN Free Trade Area (AFTA) | Reduce tariffs across the region (originally set for 2008, moved earlier to 2003). |
Created by:
vancejoy