9 - Economic Growth & Development

_____________ is focused on the accumulation of material resources.

It is an increase in real output of the country. Economic measures include GDP which is the measure of total goods and services produced in an economy within a given time

• Economic Growth

• Economic Development

________________ is a narrower concept than economic development.

• Economic Growth

• Economic Development

It is an increase in a country's real level of national output.

which can be caused by

an increase in the quality of resources (by education etc.),

increase in the quantity of resources & improvements in technology or

in another way an increase in the value of goods and services produced by every sector of the economy.

• Economic Growth

• Economic Development

______________ can be measured by an increase in a country's GDP

• Economic Growth

• Economic Development

_________________ does not consider the size of the informal economy. The informal economy is also known as the black economy which is unrecorded economic activity.

• Economic Growth

• Economic Development

_____________ does not consider the depletion of natural resources which might lead to pollution, congestion & disease.

• Economic Growth

• Economic Development

______________ is a necessary but not sufficient condition of economic development.

• Economic Growth

• Economic Development

_________________ on the other hand comprises of improvement in the quality of life with the increase in the real output.

Economic measures include HDI, IHDI, CPI, GDP-PC, etc.

• Economic Growth

• Economic Development

______________- is a normative concept i.e., it applies in the context of people's sense of morality (right and wrong, good, and bad).

• Economic Growth

• Economic Development

The most accurate method of measuring ____________ is the Human Development Index (HDI) which considers the literacy rates & life expectancy which affects productivity and could lead to Economic Growth.

• Economic Growth

• Economic Development