Question

In: Economics

Define the following concepts: Subsistence economy Values in the context of development Attitudes in the context...

Define the following concepts:

Subsistence economy

Values in the context of development

Attitudes in the context of development

Institutions in the context of development

Functionings in the context of development

Capabilities in the context of development

Expert Solution

1.subsistence economy

It is economy in which the economy basically concentrates on basic necessity occupations such as agriculture,hunting,fishing etc.

2.values in the context of development

In the development process,ethical and moral values are important.therefore in the context of development values should be properly followed.

3.attitudes in the context of development

Proper and positive attitude is important in the context of development.in the development process,positive mind set should be there then the development takes place effectively.

4.institutions in the context of development

Institutions provide the necessary platform for the process of development to happen.proper institutions can lead to proper development.

5.functioning in the context of development

Proper functioning of the concerned system and institutions is important for proper and progresssive development.

6.capabilities in the context of development

Each individuals capability can enhance the overall process of development.therefore capabilities are very important for the progressive functioning of development.

Rahul Sunny answered 1 year ago

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