Economic Growth and Development Flashcards
1
Q
What is economic growth
A
This is an increase in real per capita GDP overtime and has a quantitative change
2
Q
Define economic development
A
This is the increase of GDP over time as well as the improvement in the nation’s quality of life and brings about qualitative changes
3
Q
Real per capita GDP formula
A
Real GDP/total population
4
Q
Economic growth formula
A
(change in real per capita GDP from yr1 to yr2/real per capita GDP in yr1)*100
