Essay
15 marker - Explain the differences between economic growth and economic development
- Course
- Institution
Economics Paper 2, 15/15 essay on the differences between economic growth and economic development
[Show more]
1 review
By: rosshanirajkamal • 7 months ago
Seller
Follow
AlexKKK
Reviews received
Content preview
Economicgrowth cone be definedas an increase in the capacity of
a country's economy and is usually measured in GDP Whereas
economic developmentis a normative concept which aim is to measure
how standards andpeople's welfare in a country change
living general
our and
time include size and health ofpopulation andthe
may
quality of life they have
Short run economic
growth which is representedby the outwardshift
of AD is relatedtoincrease in real national income and is affectedby
changes may in levels of consumption alongside withgovernmentspending
investment and currentaccount of balance ofpayments An increase in AD
will usually be causedby durandside factors such as interestrates
or welfare benefits although it is
very dependent people's marginal
on
propensity to consume and the size of a multiplier effect thehigher
thegreater shortrun economic
growth will be
Moreover
they are long run
economic known as potentialgrowth is caused increase in
growth by
the capacity of the economy It occurs due to an increase inaggregate
arise in the quality andquantity offactors of
production for
supply
example wore advancedreaching
Economic development refers to an improvwent in thequality of
life and with the contextofgrowingeconomy reduction and
is eg
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AlexKKK. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now