Economic Growth and Development Theories

A theory of economic growth based on the idea that a nation's wealth and power were best served by increasing exports

• Classical Theory

• Endogenous Growth Theory

• Mercantilism

• Neo-classical Growth Theory

This theory was developed by Adam Smith where he argued that there are several factors which enable increased economic growth like the productivity of labor and role of trade.

• Classical Theory

• Endogenous Growth Theory

• Mercantilism

• Neo-classical Theory

Technology is needed to increase productivity

• Classical Theory

• Endogenous Growth Theories

• Mercantilism

• Neo-classical Theory

To have economic growth through increased GDP.

• Classical Theory

• Endogenous Growth Theory

• Mercantilism

• Neo-classical Theory

This theory of economic growth emphasizes on human capital

• Classical Theory

• Endogenous Growth Theory

• Mercantilism

• Neo-classical Theory

The growth theories that emphizes on productivity.

• Classical Theory

• Endogenous Growth Theory

• Mercantilism

• Neo-classical Theory

It is defined an increase in the value of goods and services produced in an economy over a period of time.

The process by which the economic well-being and quality of life of a nations, community, or particular region are improved according to a predefined goals and objectives.

Economic development is expressed in percentage.

• True

• False

HDI is the most common measurement of development. HDI means Human Development Indicator.

• True

• False