Flashcards on Economic Growth and Development

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What is economic growth?

Economic growth refers to the increase in the production of goods and services in a country over a specific period of time.

Define economic development.

Economic development is a broader concept that includes economic growth as well as improvements in the quality of life, reducing poverty, inequality, and unemployment.

What are the indicators of economic growth?

Indicators of economic growth include an increase in Gross Domestic Product (GDP), rise in per capita income, expansion of industries, and higher employment rates.

Name two factors that can contribute to economic growth.

Two factors that can contribute to economic growth are technological advancements and investments in infrastructure.

Explain the difference between economic growth and economic development.

Economic growth focuses on the increase in the production of goods and services, while economic development emphasizes the overall progress and well-being of society.

What role does human capital play in economic development?

Human capital, which refers to the knowledge, skills, and abilities of individuals, plays a crucial role in promoting economic development through innovation, productivity, and entrepreneurship.

What is the relationship between education and economic growth?

Education is considered a key driver of economic growth as it enhances human capital, improves productivity, and fosters innovation and technological advancements.

What are the stages of economic development?

The stages of economic development include traditional society, preconditions for takeoff, takeoff, drive to maturity, and the age of high mass consumption.

Explain the concept of sustainable development.

Sustainable development aims to meet the needs of the present generation without compromising the ability of future generations to meet their own needs, considering economic, social, and environmental factors.

What are the challenges faced in achieving economic development?

Challenges in achieving economic development include poverty, unemployment, income inequality, inadequate infrastructure, political instability, and environmental degradation.

How does foreign direct investment contribute to economic growth?

Foreign direct investment (FDI) can stimulate economic growth by bringing in capital, creating job opportunities, transferring technology, and contributing to the overall productivity and competitiveness of the host country.

What are the benefits of economic growth?

Benefits of economic growth include higher income levels, improved living standards, increased employment opportunities, technological advancements, and a better infrastructure.

What is the role of government in promoting economic growth and development?

The government plays a critical role in promoting economic growth and development through economic policies, investments in public infrastructure, fostering innovation, providing education and healthcare, and addressing income inequality.

Explain the concept of economic inequality.

Economic inequality refers to the unequal distribution of wealth, income, and resources among individuals or groups within a society.

How does technological innovation contribute to economic growth?

Technological innovation leads to increased productivity, efficiency, and competitiveness, driving economic growth by creating new industries, improving existing ones, and generating employment opportunities.

What are the consequences of environmental degradation on economic growth?

Environmental degradation can negatively impact economic growth through the depletion of natural resources, increased health costs, loss of biodiversity, and the need for environmental remediation efforts.

What is economic growth?

Economic growth refers to the increase in the production of goods and services in a country over a specific period of time.

Define economic development.

Economic development is a broader concept that includes economic growth as well as improvements in the quality of life, reducing poverty, inequality, and unemployment.

What are the indicators of economic growth?

Indicators of economic growth include an increase in Gross Domestic Product (GDP), rise in per capita income, expansion of industries, and higher employment rates.

Name two factors that can contribute to economic growth.

Two factors that can contribute to economic growth are technological advancements and investments in infrastructure.

Explain the difference between economic growth and economic development.

Economic growth focuses on the increase in the production of goods and services, while economic development emphasizes the overall progress and well-being of society.

What role does human capital play in economic development?

Human capital, which refers to the knowledge, skills, and abilities of individuals, plays a crucial role in promoting economic development through innovation, productivity, and entrepreneurship.

What is the relationship between education and economic growth?

Education is considered a key driver of economic growth as it enhances human capital, improves productivity, and fosters innovation and technological advancements.

What are the stages of economic development?

The stages of economic development include traditional society, preconditions for takeoff, takeoff, drive to maturity, and the age of high mass consumption.

Explain the concept of sustainable development.

Sustainable development aims to meet the needs of the present generation without compromising the ability of future generations to meet their own needs, considering economic, social, and environmental factors.

What are the challenges faced in achieving economic development?

Challenges in achieving economic development include poverty, unemployment, income inequality, inadequate infrastructure, political instability, and environmental degradation.

How does foreign direct investment contribute to economic growth?

Foreign direct investment (FDI) can stimulate economic growth by bringing in capital, creating job opportunities, transferring technology, and contributing to the overall productivity and competitiveness of the host country.

What are the benefits of economic growth?

Benefits of economic growth include higher income levels, improved living standards, increased employment opportunities, technological advancements, and a better infrastructure.

What is the role of government in promoting economic growth and development?

The government plays a critical role in promoting economic growth and development through economic policies, investments in public infrastructure, fostering innovation, providing education and healthcare, and addressing income inequality.

Explain the concept of economic inequality.

Economic inequality refers to the unequal distribution of wealth, income, and resources among individuals or groups within a society.

How does technological innovation contribute to economic growth?

Technological innovation leads to increased productivity, efficiency, and competitiveness, driving economic growth by creating new industries, improving existing ones, and generating employment opportunities.

What are the consequences of environmental degradation on economic growth?

Environmental degradation can negatively impact economic growth through the depletion of natural resources, increased health costs, loss of biodiversity, and the need for environmental remediation efforts.

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