M2 Flashcards
a process not only include money/ machine/ materials but also non economic factors such as culture, values, religion, government and education
DEVELOPMENT
a product where can be measured
growth
qualitative
development
quantitative
growth
reduction/ elimination of inequality, unemployment, poverty
economic development
business plays a vital role in
- job creation
- provision of goods and service
- trade and commerce
the central core of business is designed to serve the
needs and wants of people
when consumer trust and have confidence in local businesses it can strengthen the
currency and buying power
whole income of a country
gdp (gross domestic product)
COMPONENTS OF GDP
- personal consumption expenditures
- business investment
- government spending
- net exports of goods and services
represents the durable and non durable goods
personal consumption expenditures
ways for economic development
- develop new markets
- discover new sources of materials
- mobilize capital resources
- introduce new technologies, new industries and new products
- create employment
______ are willing and able to satisfy their needs they call it effective demand in economics
market
(develop new markets)
has comparative advantage in terms of supply quality and cost
new sources of materials
it inckudes organizing the factors of production
mobilize capital resource
