ECONOMIC GROWTH Flashcards
💠 Governments implement __________ to stimulate economic growth and attract investment.
(Hint: Strategies used by governments to influence a nation’s economy.)
💡 Economic policies – Plans and actions taken to manage a country’s economy.
📝 Example: Strong economic policies can lead to job creation and a stable financial system.
💠 Rapid industrialization and __________ have transformed many rural areas into urban centers.
(Hint: The movement of people from rural areas to cities.)
💡 Urbanization – The process of cities expanding due to population growth and economic development.
📝 Example: Urbanization creates job opportunities but can also lead to overcrowding.
💠 A country’s __________ is often used to measure its economic performance.
(Hint: The total value of all goods and services produced within a nation.)
💡 Gross Domestic Product (GDP) – The overall economic output of a country.
📝 Example: A rising GDP usually indicates a growing economy.
💠 Developing nations often rely on __________ to improve infrastructure and public services.
(Hint: Financial aid or resources provided to support economic development.)
💡 Foreign investment – Capital from other countries used to boost economic growth.
📝 Example: Foreign investment in technology sectors has helped many economies thrive.
💠 Rising __________ can negatively impact consumer purchasing power and economic stability.
(Hint: The rate at which prices increase over time, reducing the value of money.)
💡 Inflation – The rise in the cost of goods and services over time.
📝 Example: High inflation can make everyday essentials more expensive for households.
💠 The government is focusing on __________ to encourage long-term prosperity and stability.
(Hint: Growth that meets present needs without harming future generations.)
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💡 Sustainable development – Economic progress that considers environmental and social factors.
📝 Example: Investing in renewable energy is a key part of sustainable development.
💠 Countries with strong economies often have a high __________, ensuring a good quality of life for citizens.
(Hint: The average amount of money earned per person in a country.)
💡 Per capita income – The average income earned per person in a given area.
📝 Example: Nations with higher per capita income tend to have better healthcare and education.
💠 Developing nations often struggle with __________ due to weak infrastructure and political instability.
(Hint: The lack of financial resources and slow progress in improving living standards.)
💡 Economic stagnation – A period of little or no economic growth.
📝 Example: Without foreign investment, some economies fall into economic stagnation.
💠 Many governments aim to reduce __________ to ensure a fairer distribution of wealth.
(Hint: The gap between the rich and the poor in a society.)
💡 Income inequality – Unequal distribution of earnings among different social groups.
📝 Example: High income inequality can lead to social unrest and economic instability.
💠 A country’s economic progress is often linked to its level of __________.
(Hint: The development of roads, transport, power supply, and other public services.)
💡 Infrastructure development – Building and improving essential public facilities.
📝 Example: Infrastructure development boosts productivity and attracts investment.
