levels and rates of change in prosperity, as reflected in bottom line statistical measures of productivity, incomes purchasing power, and consumption.
processes of change involving the nature and composition of the economy of a particular region as well as to increases in the overall prosperity of a region.
3 Types of Changes
-Structure: of the region's economy i.e. shift from agriculture to manufacturing
-in forms of economic organization within the region i.e. shift from socialism to free-market capitalism.
-in the availability and use of technology within the region.
Uenevenness of economic developement
At global scale - contrast between core- periphery in evolving economic system. The most diversified economies are in the Tripolar core of North america, europe, and japan.. highest prosperity, productivity, most advanced tech. Periphery nations are less develped countries LCD. also known as third world. First world was the Core, Second World was the Soviet Union and satelite countries.
Global Core-Periphery Patterns.
GDP - gross domestic product - estimate of total value of all materials, foodstuffs, goods, services produced in a country in a year. The total is generally divided by total population.
GNI- a measure of the income of a country from production wherever in the world it occurs. i.e. profits from a US company in south america that go back to the US as Profit, are included in the GNI.
:These measures problematic because they use a nations currency. So ppp purchasing power parity must be factored .
purchasing power parity
measures how much of a common "market basket" of goods and services each currency can purchase locally, including goods and services that are not traded internationally. PPP based currency values used to compare GNI usually produce a lower GNI in wealthy countries and higher GNI in poorer nations.
economic distribution is uneven.. Most higher level economy nations fall very roughly north of 30 degrees N. The North =Core the South = Periphery.