University:
California State University, Los Angeles
Course:
ECON 370 | Economic Development
Academic year:

2020
Views:

72

Pages:

1
Author:

Nesbyenvkk

● ● ● ● ● ● ● ● ● ● HDI: Human development Index, measured by health, education, and Income. Heavy Industry are iron and steel production while light industries are textiles and in some cases agriculture GDP measures the amount of goods and services sold GDP and HDI closely measure each other GNI is gross national income and it measures money going in and out of a country. An example of money coming into a country is remittances from workers in other countries sending money back to their home country. This could also be money going out of a country because the remittances are going out of the country. Economic structures: ○ Primary sector: Jobs that require direct extraction of material from the earth like mining, fishing, and agriculture ○ Secondary sector: Jobs that require assembly/ processing of raw material into products of raw material into products ○ Tertiary sector: providing goods and services to consumers like, banking, salons, and grocery stores. ○ Quaternary Sector: Also known as the Knowledge sector it is a sector of highly educated, and highly paid software engineers, lawyers, and doctors. ○ Quinary Sector: High pay, and lots of power examples include CEO’s and company board members. Fish processing ○ Primary sector: Value is added because the fish is out of the water ○ Secondary sector: Value is added because it is packaged and for convenience. ○ Tertiary sector: Value is added because it is in a store and it is convenient to get. Value is always added because of convenience More developed countries tend to be service economies which means that their economy is more tertiary Informal Sectors also known as black market, or shadow economies can be unpaid work and is mostly by women examples include child or elder care. Informal settlements are also done with no paperwork, this is called under the table business this type of business is paid in cash. It can also be unreported but otherwise legal. This basically means that you sell something but you aren't paying taxes for your services. Examples include things like a lemonade stand and mowing your neighbor's lawn. There are also illegal markets which are called black markets where things like drugs,and identity theft are sold. Informal sectors are more prevalent in less developed countries and affect less developed countries the most because these informal sectors aren't paying taxes so the government has less tax revenue so they can’t build more infrastructure like buildings and roads.