Human Geography Chapter 10 notes

Topics: Economics, International trade, Poverty Pages: 3 (792 words) Published: September 22, 2013
HGAP Chapter 10 Notes
Developing- country is making progress in technology, production, and socio-economic well being Gross National Income- measure of the total value of the officially recorded goods and services produced by the citizens and corporations of a country in a given year Gross Domestic Product- encompasses only goods and services produced within a country in a given year Gross National Income- calculates the monetary worth of what is produced within a country plus income received from investments outside the country minus the income payments to other countries around the world GNI only includes income from the formal economy

Informal economy- illegal economy that governments do not tax and keep track of like drug dealing and Black Market trade GNI does not tell us degree of overall participation in the country’s economy, the average citizens material standard of living, or gaps between genders or among regions Measures only inputs and not nonmonetary value costs of production, which take a toll on the environment through resource depletion and pollution Walt Rostow’s Development Model- Grew out of major decolonization movements in the 1960’s, also called ladder of development Looked to see how economically powerful countries had gotten where they are Assumes all countries follow a similar path to development or modernization, advancing through the five stages of development: 1.1) Traditional-dominated by subsistence farming, rigid social structure, and technology is slow to change 1.2) Preconditions to takeoff- new leadership leads to greater flexibility, openness, and diversification 1.3) Takeoff- country experiences something akin to the industrial revolution, sustained growth occurs along with urbanization 1.4) Drive to Maturity- technologies defuse, industrial specialization occurs, and international trade expands 1.5) High Mass Consumption- high income and wide spread production of many goods and services Development happens in context: it...
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