Library Assignment: all students must use the FNU Library as a graded activity, cite at least 3 peer review articles about Elasticity of Supply and Demand, and write 2 paragraphs about what you learned in each article, in total 6paragraphs, using APA format.
McEachern11e_Ch21.pptx
21
Economic Development
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Prepared by: V. Andreea Chiritescu, Eastern Illinois University
Reviewed by: William A. McEachern, University of Connecticut
McEachern, Macroeconomics 11e, Ch. 21
How might programs that send subsidized food and used clothing to poor countries have the unintended consequence of retarding economic development there?
Why are some countries so poor while others are so rich?
What determines the wealth of nations?
Why do families in low-income countries have more children than those in higher-income countries?
Why have abundant natural resources such as oil or diamonds turned out to be a curse for some countries?
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McEachern, Macroeconomics 11e, Ch. 21
Worlds Apart
Standard of living
Output per capita
Gross national income (GNI)
PPP adjusted
Three major groups
High-income economies
Middle-income economies
Low-income economies
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McEachern, Macroeconomics 11e, Ch. 33
Exhibit 1
Share of World Population and World Output From High-, Middle-, and Low-Income Economies as of 2014
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McEachern, Macroeconomics 11e, Ch. 33
Developing and Industrial Economies
Developing countries
Low- and middle-income economies
Emerging market economies
Higher illiteracy rate, higher unemployment
Faster population growth
Exports of primary products
Agricultural products
Raw materials
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McEachern, Macroeconomics 11e, Ch. 33
Developing and Industrial Economies
Developing countries
Half of the labor force works in agriculture
Farm productivity is low
2014: 82% of the world’s population, produce 48% of the world’s output
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McEachern, Macroeconomics 11e, Ch. 33
Developing and Industrial Economies
Industrial market countries
High-income economies<
