Economic Development Game 1

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Across
  1. 2. failure: Occurs when the principal fails to induce agents to coordinate their actions, which leads to an outcome that makes all agents worse-off.
  2. 3. A ratio that shows the units of capital required to produce a unit of output over a given period of time.
  3. 6. Countries with little industrial development, little wealth, and high population growth.
  4. 8. A theory argued that the economies of all countries could be placed within one of five different stages of economic growth
  5. 9. Declared by the United Nations in September 2000 Aim.
  6. 10. is a multi-dimensional process involving changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty.” Todaro and Smith
  7. 12. attribute reasons of underdevelopment of developing nations for internal reasons
  8. 13. It explains the growth of a developing economy in terms of a labor transition between two sectors, the capitalist sector and the subsistence sector
  9. 15. The proposition that developing countries have failed to develop because their development strategies (usually given to them by Western economists) have been based on an incorrect model of development.
  10. 16. what matters is not the things person has but what person is , or can be and does or can do
Down
  1. 1. is basically a Marxist approach. It says that underdevelopment is due to the historical evolution of a highly unequal international capitalist system of rich country-poor country relationships
  2. 4. Ability to meet basic need such as food, clothing, and shelter, that are necessary to sustain an average human being at the bare minimum level of living.
  3. 5. is the total value of all final goods and services produced within a country in a given period of time.
  4. 7. His model implies that output growth results from one or more of three factors : Increase in labor quantity and quality, Increase in Capital and/or Improvements in technology.
  5. 10. The concept that the relationship between the rich and the poor countries is just a global version of the dualism that we see in every aspect of life.
  6. 11. Used by UNDP to classify countries, 0 is the worst and 1 is the best.
  7. 14. it is a classical Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and productivity of capital