Economic growth refers to the increase in real per capita income of the country over a long period of time
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Define National income
National income is the value of all goods and services produced in a country in a year. It is expressed in terms of GDP or GNP
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Why is someone interested in economic development?
1.To overcome poverty 2. For political recognition. 3. The desire to emulate the life style of advance countries. 4. Generates employment and out
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Define GDP
Gross domestic product refers to the finals goods and services produced in a year, within a domestic territory
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Define GNP
Gross net profit refers to the final goods and services produced by the normal residence of a country within a year
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Define Per Capita Income
Per capita income is the average income of the people of the country in a year
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Explain the traditional view of development
It refers to the sustained increase in per capita income and improvement in overall economic being
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Explain the modern view of development
It refers to the increase in real per capita income over a long period of time of a country and reduction in poverty, unemployment and inequalities
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Differences of growth and development
Narrow concept; comprehensive and broad. Economic indicator; non economic and economic indicator. Increase in income; Increase in income and reduction in poverty etc. Less involvement of government; Involvement of government.
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Explain quality of life
The degree of economic well being of the people is called the quality of life. The basic needs approach emphasises that everyone should be provided with the basic needs and means of a well being.
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What is the principal purpose of development
To promote human well being, specially in the poor
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5 Components of a better quality life
1, provide education. 2. better nourishment by providing food. 3. providing adequate clothing and housing. 4.ensure a better standard of living. 5. To overcome poverty
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Other cards in this set
Card 2
Front
Define National income
Back
National income is the value of all goods and services produced in a country in a year. It is expressed in terms of GDP or GNP
Card 3
Front
Why is someone interested in economic development?
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