Economic Growth Flashcards
1
Q
What is economic growth?
A
In the short run an increase in a country’s output and in the long run an increase in the country’s productive potential; an increase in the real GDP/head of the economy overtime.
2
Q
What’s economic development?
A
an increase in the welfare and quality of life.
3
Q
What is sustainable development?
A
development that ensures that the needs of the present generations are met without compromising the well being of future generations.
