Topic 1- Globalisation and economic development Flashcards
1
Q
Economic development
A
A broader concept that refers to improvements in wellbeing, not just the increase in purchasing power. It is measured by a wider range of quality of life indicators, such as life expectancy, educational levels and gross national income per capita.
2
Q
Economic growth
A
Refers to the increase in the size of a country’s economy over time, and is measured by the increase in real GDP (i.e. growth in nominal GDP adjusted for the inflation rate).
3
Q
Gross national income
A
The sum of gross value added by all resident producers in an economy, plus receipts of primary income from foreign sources.
