Economics 515 AU11 Midterm 1 Review 1. Explain the difference between economic growth and economic development. Define extensive growth. Define intensive growth A) Economic growth is defined by increases in GDP. B) Whereas‚ economic development is more of a vague measure usually incorporating social measures such as literacy rates or life expectancy as a means of measuring a country ’s level of development. C) Extensive Growth‚ is based on the expansion of the quantity
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The economy of Nigeria is a middle income‚ mixed economy emerging market with well-developed financial‚ legal‚ communications‚ transport‚ and entertainment sectors. It is ranked 31st in the world in terms of GDP (PPP) as of 2009‚ and its emergent‚ though currently underperforming manufacturing sector is the second-largest on the continent‚ producing a large proportion of goods and services for the West African region. Previously hindered by years of mismanagement‚ economic reforms of the past
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Economic Development vs Economic Growth Economic Growth is a narrower concept than economic development.It is an increase in a country’s real level of national output which can be caused by an increase in the quality of resources (by education etc.)‚ increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country’s GDP (gross
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Sir According to the requirement of the course and your assignment to us‚ I worked on the topic “Population and development”. I made this paper based on different web pages. I covered the major sector rather researching on all issues. I wish that this assignment will help to get some ideas on the solutions of some of the issues related to the Population and development. Introduction Population dynamics is one of the pre-eminent issues of the 21st century. It affects different countries in
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Compare policies used in China to control rapid‚ population growth with the policies used in one other named country The two policies that I have studied are the One Child Policy in China and the Population Control Program in Kerala‚ India. In 1978‚ china decided that they needed to control the population and introduced a law that only one successful pregnancy was allowed per couple and rewards were given if couples followed the rules such as pay rise‚ free education for child and healthcare as
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GLOBALIZATION AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA By KELECHI IYOKO. Abstract The concomitant unequal distribution of the benefits of Globalisation and the fear expressed by most developing countries about the negative impact of globalization‚ has made the question on the relationship between globalization (characterized by foreign direct investment‚ economy openness and net capital flows) and Economic Growth both in developed and developing countries lie at the heart
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Consequences of Population Growth The effects of population growth on economic development differ between the developed and developing countries. In the developed countries‚ population growth has enhanced the growth of such economies because they are wealthy‚ have abundant capital and scarcity of labour. O n the contrary the consequences of rapid population growth on the development of LDCs are not the same. Most developing countries are poor‚ capital scarce and labour abundant; and therefore population growth
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Economic Growth Economic growth is defined as a long-term expansion of the productive potential of the economy. Sustained economic growth should lead higher real living standards and rising employment. Short term growth is measured by the annual % change in real GDP. Economic growth is an increase in real national output or an expansion of the economy’s long-run productive potential. It is measured by the percentage change in real GDP or GNP. Inevitably there are fluctuations in the rate of growth
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INTRODUCTION - POPULATION GROWTH The world experienced dramatic population growth during the twentieth century‚ with the number of inhabitants doubling from 3 to 6 billion between 1960 and 2000. India‚ too‚ saw very rapid population growth during this period – from 448 million to 1.04 billion – and to 1.21 billion in 2010. The effects of past and projected future demographic change on economic growth in India is the main focus of this chapter. Figure 1 plots world population from 1950 to
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Difference between Economic Growth and Economic Development :- Economic Growth is an issue considered by economically developed countries which have utilized many of their resources and now plan to expand even further by growth. It is a narrower concept than Economic Development as it focuses on the further increase of the national output of a country by increasing the quality of resources‚ the quantity produced and increasing utilization by every sector of the economy. We can also say it is defined
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