‘Out of Poverty and into Prosperity’
Enhancing Jamaica’s Economy 2013-2023
To assess and execute key strategies towards ameliorating the economic condition of Jamaica
The different techniques of methodology employed to gather this adequate and reliable information are as follow; * Questionnaires
* And other reliable data sources
As stated by Robert Greenwood, Terry Cook, Dave Ramsing, Karen Radcliffe and Yvonne Harvey, authors of the popular book ‘Economics for Csec’. Economics can be defined as the study of scarcity and choice. Scarcity; in my own words can be defined as an economic problem of unlimited wants and needs by humans, who live in a world of limited resources. Choice; in economics we have to make critical and crucial choices in regards to our own beneficial purposes and for others as well leading up to ‘opportunity cost’- the cost of the next best alternative forgone. Take for e.g. giving up your favorite movie to study (in order to get good grades).
A simple but yet defying definition. Economic growth can be defined as the increase in the amount of goods and services produced by an economy overtime (growth of national income). Growing our economy is easier said than done, due to the many challenges our country faces, which explains the massive debt we are in. Growing our economy therefore means; the tactical changes of the economic structure itself and the mindset of individuals, firms and any other business entity to corroborate with these new implications.
The Jamaican economy is heavily dependent on services, which now account for 70% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances and bauxite/alumina. The economy faces serious longterm problems: high interest rates; increase foreign competition; a...
Please join StudyMode to read the full document