economic development of nations

Question 1

What increases economic development

Answer 1

1. democratic forms of government
2. market based economic reforms
3. legal systems that better enforce property rights

Question 2

define economic growth

Answer 2

the total value of goods and services produced within a country border on annual base. it is measured by GDP

Question 3

define economic development

Answer 3

programs, policies, and activities that tend to improve standards of life in a nation

Question 4

how to measure economic development

Answer 4

1. healthcare-> determined by life expectancy
2. education-> determined by literacy rates
3. infrastructure-> determined by income level

Question 5

example of infrastructure

Answer 5

internet
water
electricity
railroads

Question 6

define GDP

Answer 6

monetary value of all final goods and services produced in an economy during a period of time

Question 7

when is GDP measured

Answer 7

yearly or quarterly

Question 8

what is gross national income (GNI)

Answer 8

GDP+income it receives from sources overseas

Question 9

define purchasing power parity(ppp)

Answer 9

Reflects the strength of a currency in consuming goods and services

Question 10

what did Amartya Sen say

Answer 10

-economic development should be assessed by the opportunities people enjoy
-development requires the removal of poverty, unemployment, and poor economic development

Question 11

difference between economic growth and development

Answer 11

-economic growth reflects growth per capita income, measured in quantity
-economic development is measured in quantity and quality