Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Define Economic Institutions.
Define Economic Institutions.
Humanly devised constraints that shape interactions in an economy.
What is the formula for Income per Capita?
What is the formula for Income per Capita?
Total gross national income divided by total population.
Differentiate between Functionings and Capabilities.
Differentiate between Functionings and Capabilities.
Functionings refer to what people do or can do, while capabilities are the freedoms that people have.
Explain the concept of Sustenance.
Explain the concept of Sustenance.
Signup and view all the answers
What are Millennium Development Goals?
What are Millennium Development Goals?
Signup and view all the answers
What is the main focus of traditional economics?
What is the main focus of traditional economics?
Signup and view all the answers
Define absolute poverty.
Define absolute poverty.
Signup and view all the answers
What does political economy merge economic analysis with?
What does political economy merge economic analysis with?
Signup and view all the answers
What is the main concern of development economics?
What is the main concern of development economics?
Signup and view all the answers
Define subsistence economy.
Define subsistence economy.
Signup and view all the answers
