2.2 GROWTH AND DEVELOPMENT

Question 1

what is short run growth

Answer 1

its an increase in GDP (eg. more consumption in the retail)

Question 2

what is long run growth

Answer 2

the expansion of the productive capacity of an economy (eg. more university places)

Question 3

whats the primary sector

Answer 3

involves the extraction and harvesting of natural resources (involves agriculture, fishing etc)

Question 4

whats the secondary sector

Answer 4

manufacturing and processing raw materials into finished goods (including industries like construction)

Question 5

whats the tertiary sector

Answer 5

provision of services rather than goods, including industries such as retail and healthcare

Question 6

what is economic growth

Answer 6

an increase in a countries real level of national output, it can be measured by an increase in a countries GDP

Question 7

what is economic development

Answer 7

an increase in living standards, improvement in self - esteem and freedom from oppression swell as greater choice (usually measured by HDI)

Question 8

whats the HDI

Answer 8

composite measure of a country’s development, considering life expectancy, education , and per capita income.