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IBT QUIZ 2
| Question | Answer |
|---|---|
| the multi-dimensional process of improving the economic well-being and quality of life for a community, region, or nation. | Economic Development |
| Economic development is the process by which a nation or community improves the _____, ______, & ________ of its people | economic, political, and social well-being |
| Modern economic development generally focuses on four key pillars (Core Components): | Human Capital Infrastructure Technological Innovation Sustainability |
| Enhancing the workforce through education, vocational training, and healthcare to boost productivity and innovation | Human Capital |
| Investing in physical structures like roads, utilities, and high-speed telecommunications to support business efficiency. | Infrastructure |
| Adopting new technologies and supporting startups to create high-skilled, well-paying jobs | Technological Innovation |
| Managing natural resources and policies to ensure long-term growth that does not compromise future generations. | Sustainability |
| True or False FOCUS Economic Growth: Quantitative (How much?) Economic Development: Qualitative (How well?) | TRUE |
| True or False PRIMARY METRIC Economic Growth: Human Development Index (HDI), literacy, life expectancy Economic Development: GDP, GNP, per capita income | FALSE |
| True or False SCOPE Economic Growth: Short-term production increase Economic Development: Long-term structural and social transformation | TRUE |
| True or False OUTCOME Economic Development: Increased national wealth Economic Growth: Improved standard of living, reduced poverty | FALSE |
| STRATEGIC TOOLS Helping existing local businesses solve problems and grow to prevent relocation. | Business Retention & Expansion (BRE) |
| STRATEGIC TOOLS Marketing a region to outside companies to bring in new investment and jobs. | Attraction |
| STRATEGIC TOOLS Fostering entrepreneurship and small business development through incubators and funding. | Creation |
| STRATEGIC TOOLS Using tools like tax-increment financing (TIF) or grants to lower initial investment costs for businesses | Incentives |
| MEASUREMENT OF SUCCESS Improvements in the Human Development Index (HDI), lower infant mortality, and increased educational attainment | Social Indicators |
| MEASUREMENT OF SUCCESS Job creation, wage growth, tax base expansion, and regional competitiveness. | Economic Indicators |
| MEASUREMENT OF SUCCESS measures the total annual income received by residents and businesses in the nation. | Gross National Income (GNI) |
| MEASUREMENT OF SUCCESS focuses on the income that actually stays with or returns to the country's residents, regardless of where that income was generated. | Gross National Income (GNI) |
| measures production within a country's physical borders | Gross Domestic Product (GDP) |
| widely considered a superior indicator for standard of living and national well-being because it reflects the actual financial resources available to a country's citizens. | Gross National Income (GNI) |
| strongly correlated with improved literacy rates, lower infant mortality, and better access to clean water. It is a core component of the Human Development Index (HDI). | Higher GNI per capita |
| an economic theory used to compare the buying power of different currencies. | Purchasing Power Parity (PPP) |
| It allows us to see what money is actually worth by looking at how much of a "basket of goods" it can buy in different countries, rather than just looking at the exchange rate you see at a bank. | Purchasing Power Parity (PPP) |
| Created by The Economist, this is a famous, simplified version of PPP. It compares the price of a McDonald's Big Mac globally to see if a currency is "undervalued" or "overvalued." | The Big Mac Index |
| Why does PPP Matter? | Accurate GDP Comparisons Living Standards The Big Mac Index |
| a world-renowned Indian economist and philosopher, often referred to as the "conscience of the economics profession." He was awarded the Nobel Prize in Economic Sciences in 1998 for his contributions to welfare economics. | Amartya Sen |
| We should measure a person's well-being not by how much money they have, but by what they are actually able to do and be. | Capability Approach |
| What are the 3 Broader Conceptions of Development? | The Capability Approach Poverty and Famines Development as Freedom |
| TYPES OF INSTRUMENTAL FREEDOMS free speech, elections | Political freedoms |
| TYPES OF INSTRUMENTAL FREEDOMS access to markets and credit | Economic facilities |
| TYPES OF INSTRUMENTAL FREEDOMS healthcare, education | Social opportunities |
| TYPES OF INSTRUMENTAL FREEDOMS trust, lack of corruption | Transparency guarantees |
| TYPES OF INSTRUMENTAL FREEDOMS unemployment benefits, famine relief | Protective security |
| The HDI moved the world beyond just looking at GDP per capita, instead ranking countries based on a combination of ______, _______, and ______. | life expectancy, education, and income |
| Includes new products, new processes, new organizations, new management practices, and new strategies. | Innovation |
| First to commercialize innovative products and processes. Provides much of the dynamism in an economy. | Entrepreneurs |
| TRUE OR FALSE: Innovation and Entrepreneurship Require a Market Economy | true |
| TRUE OR FALSE: With strong property rights, individuals and businesses risk having innovations and potential profits stolen. | false |
| In the study of international political economy (IPE), the current evolution of nation-states is often characterized by three defining (and often conflicting) trends | globalization, devolution, and neoliberalism |
| the modern shift toward economic nationalism | neoliberalism |
| the intensification of economic, political, and cultural relations across borders. It reduces the absolute sovereignty of the nation-state by making borders "porous." | Globalization |
| While globalization pulls power up toward global bodies, ___________ pulls it down toward local or regional governments. | devolution |
| DATE The Neoliberal Era | 1980–2020 |
| DATE Economic Nationalism | 2020 - Present |
| Outward/Upward movement of power | Globalization |
| Inward/Downward movement of power | Devolution |
| State to Market (then back) movement of power | Market Shift |
| Who argued that the new world order will be characterized by democratic regimes and free market capitalism? | Francis Fukuyama |
| He argued that the fall of the Berlin Wall wasn't just the end of a conflict, but the end of human ideological evolution | Francis Fukuyama |
| Who wrote "The End of History" (1992)? | Francis Fukuyama |
| With the defeat of Fascism and Communism, Liberal Democracy and Market Capitalism remained as the only viable ways to organize a modern society. There are no more "big ideas" left to fight over. | "The End of History" (1992) |
| He argued that while the age of ideology (Democracy vs. Communism) was over, the age of culture had begun. | Samuel Huntington |
| Who wrote "The Clash of Civilizations" (1996) | Samuel Huntington |
| People’s most important identities aren't political or economic; they are cultural and religious. | "The Clash of Civilizations" (1996) |
| eight major civilizations based on "The Clash of Civilizations" (1996) | Western, Islamic, Sinic/Chinese, Hindu, Orthodox/Russian, Japanese, Latin American, and African |
| Removing legal restrictions to the free play of markets, the establishment of private enterprises, and the manner in which private enterprises operate. | Deregulation |
| Transfers ownership of state property into the hands of private individuals. | Privatization |
| there was actuallyenough food available. People died because their "entitlements"—their ability to buy or access food through wages, trade, or social safety nets—collapsed. | Entitlement (poverty and famine) |
| measures quality of human life in different nations. | Human Development Index (HDI) |
| A well-functioning market economy requires laws. | legal systems |
Created by:
hanami