Traditional - economics that is concerned primarily with the efficient, least-cost allocation of scarce productive resources, Political Economy - a branch of social science that studies the relationship that forms between a nation's population and its government when public policy is enacted., Developmental  - is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries, Economic Output - complex, interrelated web of decision-making and economic activity, Resources Market - Households sell and Firms buy, Product Market - Firms sell and Households buy, Gross Domestic Product - The total final output of the country's economy in terms of goods and services An indicator of the nation’s economic performance Products are produced within the borders of a country., Gross National Product  - a country's entire annual output of all completed goods and services, regardless of where those goods and services were created., Exchange Rate Method - method uses the exchange rate between the local currency and the U.S. dollar to convert the currency into its U.S. dollar equivalent., PPT Method - develops a cost index for comparable baskets of consumption goods in the local currency and then compares this with prices in the United States for the same set of commodities.,

Development Economics

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