national progress and development Flashcards
The value of all final goods and services that were
consumed at a given period.
Typically represented through the business cycle and the
production possibilities frontier.
GDP
It refers to a situation where the economy is operating at its
maximum potential, and everyone who is willing and able
to work can find gainful employment.
● It does not imply zero unemployment.
● It is geared in achieving the “Target Unemployment
Rate.”
Full Employment
It refers to a condition of low and stable inflation that is
conducive to a balanced and sustainable economic
growth.
● It influences the money supply.
● It is geared towards achieving the “Inflation Rate Target.”
Price Stability
The measure of development is relative.
● It depends on who is being asked and when that person
is being asked.
● It has many perspectives.
Signs of National Development
It is measured according to a country’s capacity to
produce as the quality of production determines the kind
and value of the products and services that will benefit the
society.
● Level of production influences consumption.
● Population influences national development.
National Development
Abundance of these makes the
country has potential to increase its productivity
Natural Resources
Skilled workers are essential for the economy.
Labor
Needed for smooth and efficient production
Capital
Implements projects that directly affect the factors of
production.
● Executes laws that encourage investors and give
protection to consumers and workers.
● Builds infrastructures that cater to the needs of the
present realities.
Role of the Government in National Development
