For your Test on Thursday, study text chapters 1 thru 6. Potential questions include the following:
Be able to define, explain the characteristics, and compare the differences between Economic Growth and Economic Development. Tied to this question, or perhaps, as another potential question, be able to discuss the various reasons "why some countries are poor."
Chapter 2 concerns itself with the problem of measuring economic growth. As another possible question, consider the standard methods for measuring income (GDP, per capita income, etc) and what gets missed in these measurements. This would involve non-market activity, PPP, and the HDI (Human Development Index)...a more recent innovation introduced by the UNDP.
Also from Chapter 2, have a thorough knowledge of the Millennium Development Goals. Why were they created, what are the goals--with descriptions...along with the targets hoped to be achieved by 2015.
Chapter three begins with a sub-category titled "Divergent Patterns of Economic Growth since 1960"; it authors discuss four categories of countries--be able to discuss the features of all four of these categories of economic growth in this narrative.
Next, from Chapter 3, know the Solow growth model. (You do not need to memorize the equation or math). I want you to be able to identify the theory behind Solow's model and why he is was important then, and continues to be important in developmental studies. Be sure to know "growth accounting (sources of growth analysis) and "total factor productivity." Also explain the "Solow residual. What is the "undefinable feature of the Solow residual...which has led to some economic debate?
Second in Chapter 3, know and be able to discuss the "Six Characteristics of Rapidly Growing Countries."
SKIP CHAPTER FOUR
Now to Chapter 5, be able to discuss the origin of "economic development" after WWII, along with the changes which took place in the 1970s and 1980s, which culminates with...
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