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INDIAN ECONOMY ( ZIA SIR ) > 4.Growth and development > Flashcards

4.Growth and development Flashcards

1
Q

What does “economic growth” refer to?

A

Economic growth refers to the increase in the production of goods and services in an economy over time.

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2
Q

How is economic growth often measured?

A

Economic growth is often measured by the growth of Gross Domestic Product (GDP), which represents the total value of all goods and services produced in an economy.

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3
Q

What is economic growth?

A

Economic growth refers to the increase in the production of goods and services in an economy over time.

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4
Q

What is economic development?

A

Economic development refers to a broader concept that encompasses not only economic growth but also social and human development. It includes improvements in the standard of living, education, healthcare, and other indicators of well-being.

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5
Q

What does “economic development” encompass beyond economic growth?

A

Economic development encompasses improvements in the standard of living, education, healthcare, and other indicators of well-being, making it a more comprehensive and holistic approach.

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6
Q

Can economic growth occur without economic development? Why or why not?

A

Yes, economic growth can occur without economic development. This might happen when the benefits of growth aren’t distributed equitably, or if growth relies on unsustainable practices or lacks improvements in social factors.

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7
Q

What is the difference between economic growth and economic development?

A

Economic growth is a narrower concept that focuses on the increase in the production of goods and services. Economic development is a broader concept that focuses on the improvement of the overall well-being of the population.

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8
Q

Is economic growth possible without economic development?

A

Yes, economic growth is possible without economic development. This can happen if the benefits of economic growth are not distributed equitably, if the growth is based on unsustainable practices that damage the environment or if it is not accompanied by improvements in social and institutional factors that contribute to human well-being.

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9
Q

What are some basic features of economic development?

A

Economic development involves positive changes in living standards, poverty reduction, inequality reduction, structural changes in the economy, and positive infrastructural changes.

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10
Q

What are the five pillars on which economic development can be based?

A

Economic development can be based on five pillars: Health, Education, Infrastructure, IT/AI, and Environment.

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11
Q

What are the basic features of economic development?

A

The basic features of economic development include:

  • Positive change in the living standard.
  • Economic development reduces poverty & inequality.
  • Structural change in the economy.
  • Positive infrastructural changes in the economy.
  • Economic development is a never ending process
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12
Q

What are the five pillars of economic development?

A

The five pillars of economic development are:

  • Health
  • Education
  • Infrastructure
  • IT/AI
  • Environment
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13
Q

How does economic development differ from economic growth?

A

Economic development goes beyond economic growth, incorporating social and human well-being factors, while economic growth mainly focuses on increased production of goods and services.

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14
Q

What is a common measure of economic growth?

A

A common measure of economic growth is the increase in Gross Domestic Product (GDP).

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15
Q

How does economic growth lead to economic development?

A

Economic growth can lead to economic development by providing the resources needed to improve the standard of living, education, healthcare, and other aspects of life. However, economic growth is not always accompanied by economic development. For example, economic growth can lead to environmental degradation, which can harm human well-being.

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16
Q

How does economic development benefit society?

A

Economic development can benefit society in many ways, including:

  • Reducing poverty and inequality.
  • Improving the standard of living.
  • Increasing life expectancy.
  • Improving education and healthcare.
  • Creating jobs and opportunities.
  • Promoting peace and stability.
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17
Q

What does economic development aim to achieve beyond economic growth?

A

Economic development aims to achieve improved living standards, reduced poverty and inequality, structural and infrastructural changes, and holistic well-being.

18
Q

Why might economic growth not contribute to economic development?

A

Economic growth might not contribute to economic development if it doesn’t lead to equitable distribution of benefits, sustainable practices, and improvements in social factors that enhance human well-being.

19
Q

What are the challenges to economic development?

A

The challenges to economic development include:

  • Poverty and inequality.
  • Lack of education and healthcare.
  • Poor infrastructure.
  • Political instability.
  • Environmental degradation.
  • Natural disasters.
20
Q

What are the policies that can promote economic development?

A

The policies that can promote economic development include:

  • Investing in education and healthcare.
  • Improving infrastructure.
  • Promoting trade and investment.
  • Protecting the environment.
  • Ensuring political stability.
  • Addressing poverty and inequality.
21
Q

What is the Human Development Index (HDI)?

A

The Human Development Index (HDI) is a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.

22
Q

What are the three dimensions of the HDI?

A

The three dimensions of the HDI are:

  • Long and healthy life: This is assessed by life expectancy at birth.
  • Access to knowledge: This is measured by mean years of schooling and expected years of schooling.
  • Decent standard of living: This is measured by per capita income.
23
Q

What is the Human Development Index (HDI) and who introduced it?

A

The HDI is a measure of economic development introduced by the United Nations Development Programme (UNDP).

24
Q

What are the basic dimensions of HDI?

A

The basic dimensions of HDI include long and healthy life, access to knowledge, and a decent standard of living.

25
Q

What is Purchasing Power Parity (PPP)?

A

Purchasing Power Parity (PPP) is a measure of the price of a basket of goods and services in different countries. It is used to compare the purchasing power of different currencies.

26
Q

How is the HDI calculated?

A

The HDI is calculated by:

  1. Standardizing each of the three dimensions of the HDI to a scale of 0 to 1.
  2. Taking the average of the three standardized scores.
27
Q

What indicators are used to measure the three dimensions of HDI?

A

Life expectancy at birth measures long and healthy life, mean years of schooling and expected years of schooling measure access to knowledge, and per capita income measures the decent standard of living.

28
Q

What does PPP stand for and what is its purpose?

A

PPP stands for Purchasing Power Parity. It’s used to compare the purchasing power of different countries’ currencies by equalizing price levels.

29
Q

What is the Green GDP?

A

The Green GDP is an economic growth index that takes into account the environmental consequences of that growth. It is calculated by subtracting the cost of environmental degradation from the GDP.

30
Q

How is the Green GDP calculated?

A

The Green GDP is calculated by:

  1. Calculating the GDP.
  2. Estimating the cost of environmental degradation.
  3. Subtracting the cost of environmental degradation from the GDP.
31
Q

What is Green GDP and how is it calculated?

A

Green GDP is an economic growth index that accounts for environmental consequences. It’s calculated by factoring in reductions in natural capital stock, expenditure on environmental protection, and environmental degradation.

32
Q

What is Gross National Happiness (GNH)?

A

Gross National Happiness is an approach to sustainable development that considers both economic and non-economic well-being.

33
Q

What is Gross National Happiness (GNH)?

A

Gross National Happiness (GNH) is a measure of well-being that goes beyond economic growth. It takes into account factors such as health, education, environment, and cultural heritage.

34
Q

What are the four pillars of GNH?

A

The four pillars of GNH are:

  • Good governance
  • Sustainable socio-economic development
  • Cultural preservation
  • Environmental conservation
35
Q

What are the four pillars that explain the concept of GNH?

A

The four pillars of GNH are good governance, sustainable socio-economic development, cultural preservation, and environmental conservation.

36
Q

How many indicators are categorized under the nine domains of GNH?

A

There are 33 indicators categorized under the nine domains of GNH.

37
Q

What are the nine domains of GNH?

A

The nine domains of GNH are:

  • Health
  • Education
  • Time use
  • Cultural diversity and resilience
  • Community vitality
  • Living standard
  • Psychological well-being
  • Good governance
  • Ecological diversity and resilience
38
Q

What are the limitations of the HDI?

A

The HDI has some limitations, including:

  • It does not take into account inequality within countries.
  • It does not take into account environmental factors.
  • It is not a measure of happiness.
39
Q

What are the nine domains of GNH?

A

The nine domains of GNH include health, education, time use, cultural diversity resilience, community vitality, living standard, psychological well-being, good governance, and ecological diversity and resilience.

40
Q

What does the Human Development Index take into account?

A

The HDI considers dimensions such as life expectancy, access to knowledge, and per capita income to measure economic development.

INDIAN ECONOMY ( ZIA SIR ) (10 decks)

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