Economic Development Flashcards
What is economic development?
The process through which a country or region improves its economic, political, and social well-being
It involves initiatives aimed at increasing the standard of living, reducing poverty, and enhancing quality of life.
What is economic growth typically measured by?
GDP (Gross Domestic Product) growth
It indicates an increase in the production of goods and services.
What is job creation in the context of economic development?
Developing new employment opportunities through industrialization, entrepreneurship, and investment in infrastructure
It is essential for improving living standards.
What does infrastructure improvement involve?
Enhancing transportation, communication, energy, and health facilities
It supports economic activities and improves accessibility.
What is the role of education and skills development in economic development?
Investing in education and vocational training to improve workforce skills and increase productivity
A skilled workforce is crucial for economic competitiveness.
What does health and social welfare promote?
Public health initiatives and social services to enhance the well-being of citizens
It is a key aspect of improving quality of life.
What is sustainability in economic development?
Ensuring economic growth is inclusive and environmentally sustainable
It addresses issues like resource depletion and climate change.
What is the significance of investment and innovation?
Encouraging investments in new technologies and industries to foster innovation and competitiveness
It drives economic progress.
Fill in the blank: Economic development aims to create a more _______ and prosperous society.
equitable
It addresses both economic and social challenges.
