growth and development

Question 1

economic growth def

Answer 1

is the increase in a country’s output over time; that is an increase in national income.

Question 2

economic development def

Answer 2

is a much broader concept that purely economic growth, involving non-economic and often quite intangible improvements in the standard of living, for example freedom of speech, freedom from oppression, health care, education and employment

Question 3

sources of economic growth

Answer 3

• natural factors
• human factors
• physical capital and technology factors
• institutional factors

Question 4

natural factors def

Answer 4

means all living and non-living things that are naturally on Earth. In a narrow sense, it is an environment that is not influenced by people. The environment that is influenced by humans can be called “the built environment” or cultural landscape.

Question 5

human factors def

Answer 5

is the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.

Question 6

physical and technology factors def

Answer 6

one of the three primary factors of production, also known as inputs production function. The others are natural resources (including land), and labor — the stock of competences embodied in the labor force.

Question 7

institutional factors def

Answer 7

a school of economics that emphasizes the importance of non market factors (as social institutions) in influencing economic behavior, economic analysis being subordinated to consideration of sociological factors, history, and institutional development

Question 8

does growth leads to development ?

Answer 8

• higher income = leads to higher GDP, improve living if the distribution is fair
• improves economic indicators of welfare=improve human dvp index, higher gvt revenue
• creation of inequality
• negative externality and lack of sustainability
• uneconomic growth=cost more than it is worth=impoverishing growth

Question 9

characteristics of developing countries

Answer 9

• low standard of living
• low level of productivity
• high rate population growth
• high (rising) level of unemployment
• dependence on agriculture and primary sector export
• imperfect market and limited formation
• dependence and vulnerability in international relations

Question 10

differences between developing countries

Answer 10

• resource endowment
• historical background = colonism
• geography and demography = areas and pop
• ethnicity and religion = political stability
• structure of industry
• income per capital
• political structures

Question 11

international development goal (millennium development goal)

Answer 11

• adopted in 2000 for 2025
• eradicate extreme poverty and hunger
• achieve universal primary education
• promote gender equality and empower women
• reduce child mortality
• improve maternal health
• combat HIV/AIDS, malaria and others
• ensure environmental sustainability
• develop global partnership for development

Question 12

uneconomic growth def

Answer 12

human development theory, welfare economics (the economics of social welfare), and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life.