economics

What is the difference between Economic Growth and Economic Development?

What is the focus of Economic Growth?

• Production of goods and services

• Distribution of resources

• Increase in human capital indexes

• Decrease in inequality

What is the focus of Economic Development?

• Production of goods and services

• Distribution of resources

• Increase in human capital indexes

• Decrease in inequality

What is the nature of Economic Growth?

• Single dimensional

• Multi-dimensional

• Continuous process

• Short term process

What is the nature of Economic Development?

• Single dimensional

• Multi-dimensional

• Continuous process

• Short term process

What does the Industry-Origin Approach equation A + I + S = GDP represent?

What does the Service Sector include?

What is the formula for calculating Real GDP?

What are some shortcomings of GDP according to the text?

How is economic growth related to economic development?