Economic Development

Question 1

1. Development?
2. Growth?
3. Change?

Answer 1

1. Development = Growth plus change
2. Growth - Sustained improvement in levels of per capita income
3. Change - Sustained improvement in the institutions and organizations that support growth

Question 2

1. Gross domestic Product definition ?
2. Real GDP definition ?
3. GDP per capita formula?
4. Economic Growth in terms of formula?

Answer 2

1. Market value of all goods and services an economy produces in one year.
2. GDP at constant prices
3. Real GDP/Population
4. Percentage change of real GDP per capita

Question 3

INSTITUTIONS
1. Define Family
2. Define Culture
3. Define Religion
4. Define Law

Answer 3

1. Family - Respects authority and shares resources
2. Culture - Propensity to save and invest
3. Religion - Ability to bring about change
4. Law - Protects property rights and civil liberties

Question 4

Organizations
1. Define Government
2. Define Eduction
3. Define Health
4. Define Business

Answer 4

1. Government - Produces public goods and regulations economic activities.
2. Education - Increases productivity and the range of social and economic choices
3. Health - Enables proactive participation in social and economic activities
4. Business - Provides incentive for profit making, resulting in expansion and growth.

Question 5

Happiness and Development
State Factors affecting happiness?

Answer 5

1. Family relationships
2. Financial conditions
3. Community and friends
4. Health
5. Personal freedom
6. Work satisfaction

Question 6

State and describe the three core values of development?

Answer 6

•Sustenance: The ability to meet basic human needs including shelter, food, health, education, safety

•Self-Esteem: To be a person with a sense of self-respect and self-worth. To live with dignity, respect, and honor

•Freedom from Servitude: To be able to choose the path to prosperity and have the opportunity to improve

Question 7

State the objectives of Development?

Answer 7

•To increase the availability and distribution of basic human necessities

•To improve the standard of living for the majority of the people

•To expand the range of economic and social choices and opportunities

Question 8

Define the Millennium Development Goals?

Answer 8

They were established by the United Nations in 2000, to address global issues such as gender equality, poverty, health, education and environmental sustainability, with specific goals set to be achieved by 2015.

Question 9

Millennium Development Goals and Targets?

Answer 9

1. Eradicate extreme poverty and hunger
2. Make basic education universal
3. Promote gender equality and empower women
4. Reduce child mortality
5. Improve maternal health
6. Fight HIV aids and other illnesses
7. Ensure environmental sustainability