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Economic Growth & Development

economic growth

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Economic Growth & Development

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  1. Economic Growth & Development

  2. Economic growth Economic growth can be defined as an increase in capacity of an economy to produce goods and servicescompared from one period of time to another.

  3. How is Economic Growth Measured? Economic Growth in a country is measured by the countries Gross Domestic Product (GDP) in one year. GDP= The total value of final goods and services produced in one year within a country.

  4. 4 Factors of Economic Growth. There are 4 factors that determine a country's Gross Domestic product for the year. Natural Resources. Human capacity Capital Goods Entrepreneurship.

  5. Example :-

  6. Economic Development Economic Development means both more output or production and changes in the technical and institutional arrangements by which factors of production are produced and distributed.

  7. Example:-

  8. Economic Development of any nation can be characterized by the following. Increases in output or production has to be sustained over along period of time. Changes in economic structure would spread out in the entire economy. Growth has to be accompanied by an increase in efficiency.

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