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Economics P1: Growth And Development > Background > Flashcards

Background Flashcards

1
Q

What is economic growth

A

Occurs when there’s an increase in production of good and services in a country

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2
Q

What is economic development

A

Broader than economic growth, indicates distribution of economic growth like income and healthcare
Main indicator: HDI

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3
Q

What is an economic policy of growth and development

A

Cause of action by government to achieve goals

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4
Q

Give 2 economic policies to achieve growth and development

A

Demand side approach (more demand)

Supply side approach (increase supply)

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Economics P1: Growth And Development (6 decks)

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