Economic Growth And Development Key Concepts Flashcards
Accelerated and shared growth initiatives for South Africa (AsgiSA)
An initiative to promote development strategies, e.g infrastructure and skills development.
Broad based black economic empowerment (BBBEE)
Has the goal of the sustainable distribution of wealth across as broad a spectrum of South African society as possible, especially the most vulnerable such as women, mainly through ownership and management of business enterprises.
Black economic empowerment (BEE)
An earlier policy similar to BBBEE, with the aims of distributing wealth to and developing skills in the black citizens in post-apartheid South Africa.
Development bank of Southern Africa
Promotes development in the southern African region by financing important development projects.
Demand-side approach
Monetary and fiscal policies that attempt to change the level of aggregate demand.
Economic development
The process by which the standard of living improves.
Economic development policy
A policy that involves the interaction of economic, social and human development.
Economic growth
An increase in the production capacity of an economy over time. It is a change in the real GDP.
Economic growth policy
A policy that helps to increase the annual total production or income in the economy.
Growth, employment and redistribution (GEAR)
A strategy to promote economic growth, increase employment and redistribute income
Globalization
The worldwide interaction of economies with trade as an important element.
Integrated manufacturing strategy (ims)
A strategy to strengthen institutional capacity to deliver services that will facilitate development.
Joint initiative on priority skills acquisition (JIPSA)
An initiative to facilitate job creation.
Life expectancy
Expresses in number of years how long a child born today is expected to live.
National growth path (NGP)
Initiatives to stimulate economic growth.
North-South divide
Refers to the developed countries in the northern hemisphere and the developing countries in the Southern Hemisphere.
Public and private sector partnerships (PPP)
These are contracts between a public sector institution/municipality and a private business, in which the design, financing, building and operation of public sector projects is managed by the private business.
Reconstruction and development programme (RDP)
A development policy to improve service delivery to the poor and create an environment for human development.
South African reserve bank (SARB)
Central bank of South Africa with the main goal to maintain price stability, thereby promoting balance and sustainable growth.
Small, medium and micro enterprises (SMMEs)
A small business that has a small share of the market place; operates independent of larger enterprises; employs few people; and is managed directly by the owners.
Supply-side approach
Policies aimed at increasing the aggregate supply.
