Course Code: ACCT4204

Assignment On: Concepts for review

Submitted by:
Submitted to: Md Shameem Al Mamun
A N M Asaduzzaman Fakir,PhD
ID: B- 160201086
Assistant professor
Section: A
Department of AIS
Department of AIS
Jagannath University
Jagannath University

Ss

Submission Date:29-09-2020
Absolute poverty :Absolute poverty refers to a condition where a person does not have
the minimum amount of income needed to meet the minimum requirements for one or
more basic living needs like food, house, clothing, over an extended period of time.

Attitudes: The states of mind or feelings of an individual, group, or society regarding

issues such as material gain, hard work, saving for the future, and sharing wealth.

Capabilities: The freedoms that people have, given their personal features and their
command over commodities.

Developing country: It refers a nation with a less developed industrial base and a
sovereign state with less human development indicators (HDI) than other
developed countries. Per capita income or gross domestic product (GDP) is also includes
in defining a developing country.

Development: The process of improving the quality of all human lives and capabilities by
raising people’s levels of living, self-esteem, and freedom.

Development economics: Development economics is a branch of economics that focuses

on improving fiscal, economic, and social conditions in developing countries.
Development economics considers factors such as health, education, working conditions,
domestic and international policies, and market condition with a focus on improving
conditions in the world's poorest countries.

Functioning: that is, what a person does (or can do) with the commodities of given
characteristics that they come to possess or control.

Globalization: Globalization is the spread of products, technology, information, and jobs

across national borders and cultures. In economic terms, it describes an interdependence
of nations around the globe fostered through free trade.
Gross domestic product (GDP) : Gross domestic product (GDP) is the total monetary or
market value of all the finished goods and services produced within a country's borders
in a specific time period.

GNI:GNI is the total amount of money earned by a nation's people and businesses. It is
used to measure and track a nation's wealth from year to year. The number includes the
nation's gross domestic product plus the income it receives from overseas sources

Per capita income :Per capita income is a measure of the amount of money earned per
person in a nation or geographic region. Per capita income can be used to determine the
average per-person income for an area and to evaluate the standard of living and quality
of life of the population. Per capita income for a nation is calculated by dividing the
country's national income by its population.

Institutions: Norms, rules of conduct, and generally accepted ways of doing things.
Economic institutions are humanly devised constraints that shape human interactions,
including both informal and formal “rules of the game” of economic life in the widely
used framework of Douglass North.

Developed countries: developed countries are highly vulnerable to economic and

environmental shocks and have fewer human assets than other nations. In some cases,
less-developed countries are referred to as "emerging markets." LDCs have access to
specific international support measures for development assistance and trade that are
not available to more developed nations.

The Millennium Development Goals (MDGs): The Millennium Development Goals

(MDGs) are eight goals with measurable targets and clear deadlines for improving the
lives of the world's poorest people. To meet these goals and eradicate poverty, leaders
of 189 countries signed the historic millennium declaration at the United Nations
Millennium Summit in 2000. At that time, eight goals that range from providing
universal primary education to avoiding child and maternal mortality were set with a
target achievement date of 2015.
More developed country: More developed country is a sovereign state that has
a developed economy and advanced technological infrastructure relative to other less
industrialized nations. Most commonly, the criteria for evaluating the degree of
economic development are gross domestic product (GDP), gross national product (GNP),
the per capita income, level of industrialization, amount of widespread infrastructure
and general standard of living.

Political economy: Political economy is the field of political economy is the study of
how economic theories such as capitalism or communism play out in the real world.

Sector :A subset (part) of an economy, with four usages in economic development:

technology (modern and traditional sectors); activity (industry or product sectors); trade
(export sector); and sphere (private and public sectors) Self-esteem The feeling of
worthiness that a society enjoys when its social, political, and economic systems and
institutions promote human values such as respect, dignity, integrity, and self-
determination.

Social system :The organizational and institutional structure of a society, including its
values, attitudes, power structure, and traditions.

Subsistence economy: An economy in which production is mainly for personal

consumption and the standard of living yields little more than basic necessities of life—
food, shelter, and clothing.

Sustenance: The basic goods and services, such as food, clothing, and shelter, that are
necessary to sustain an average human being at the bare minimum level of living.

Traditional economy: A traditional economy is a system that relies on customs, history,

and time-honored beliefs. Tradition guides economic decisions such as production and
distribution. Societies with traditional economies depend on agriculture, fishing, hunting,
gathering, or some combination of them. They use barter instead of money.

Values: Principles, standards, or qualities that a society or groups within it considers.