Phases of Economic Development

Economic Development is the process which a nation improves the economic, political, and social well-being of its people.

• True

• False

The following are means of livelihood, except:

• Farming

• Fishing

• Dressmaking

• Equity

In this stage, modern science and technology are either not available or are not being systematically applied.

• Transitional Stage

• Traditional Stage

• Take off Stage

• Pre-take off stage

It is considered as the lifeblood of the business.

• Country

• Business Environment

• Localization

• Tax

A monetary measure of the market value of all the final goods and services produced in a specific time period.​

Process whereby simple, low-income national economies are transformed into modern industrial economies.​

It is the value of all finished goods and services owned by a country's residents over a period of time.​

​

True or False. Economic Development refers to how advanced an economy is.

• True

• False

What does a literacy rate show?

• a percentage of people who can drive.

• a percentage of people who can read and write.

• a percentage of people who can speak English.

____________ economic activities add value to raw materials by processing them or changing their form. Ex: wood being made into tables/furniture

• Primary

• Secondary

• Tertiary

• Quaternary