Economic Growth and Development
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Economic Growth and Development

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Questions and Answers

What is the primary distinction between Economic Growth and Economic Development?

  • Economic Growth is limited to industrial expansion, whereas Economic Development includes social welfare.
  • Economic Growth focuses on quantitative measures, while Economic Development encompasses qualitative improvements. (correct)
  • Economic Growth measures productivity rates, while Economic Development is about environmental sustainability.
  • Economic Growth requires government intervention, while Economic Development occurs through free market operations.

    • Which concept integrates both economic and social dimensions in its definition?

  • Economic Growth
  • Human Development
  • Economic Development
  • Sustainable Development (correct)

    • Which factor is typically not considered a direct contributor to Economic Growth?

  • Inflation rates (correct)
  • Technological advancements
  • Natural resource availability
  • Human capital development

    • Sustainable Development primarily emphasizes which of the following?

    <p>Balancing economic growth with social equity and environmental protection</p> Signup and view all the answers

    Which of the following pairs defines the difference between Economic Growth and Economic Development?

    <p>Economic Growth indicates higher GDP; Economic Development relates to quality of life metrics.</p> Signup and view all the answers

    What is the definition of human development according to the UNDP?

    <p>A process of enlarging people's choices.</p> Signup and view all the answers

    Which of the following is NOT considered an essential choice for people at any level of development?

    <p>Achieving global competitiveness.</p> Signup and view all the answers

    Among the three essential choices of human development, which emphasizes longevity and health?

    <p>Living a long and healthy life.</p> Signup and view all the answers

    Which of these aspects does not directly relate to the fundamental concept of human development?

    <p>Individual financial independence.</p> Signup and view all the answers

    What is a primary goal of the human development process as defined by the UNDP?

    <p>Enlarging people's choices.</p> Signup and view all the answers

    What is the primary focus of sustainable development?

    <p>Meeting present needs without jeopardizing future generations' ability to meet theirs</p> Signup and view all the answers

    Which statement best represents an aspect of sustainable development?

    <p>It seeks a balance between economic growth and environmental protection</p> Signup and view all the answers

    Which factor is most directly responsible for enabling countries to innovate and improve productivity?

    <p>Entrepreneurship</p> Signup and view all the answers

    How does sustainable development affect quality of life?

    <p>It ensures a better quality of life for both current and future generations</p> Signup and view all the answers

    What type of factor does 'Education' fall under when considering economic growth implications?

    <p>Non-Economic Factors</p> Signup and view all the answers

    Which of the following factors is least likely to influence economic growth directly?

    <p>Desire for Material Betterment</p> Signup and view all the answers

    In the context of sustainable development, what is meant by 'protection of future economic growth'?

    <p>Safeguarding resources to ensure continued economic growth</p> Signup and view all the answers

    What misconception might arise regarding sustainable development?

    <p>It is only about environmental issues</p> Signup and view all the answers

    Which factor must be prioritized to effectively boost human resource development in a rapidly growing economy?

    <p>Political Stability</p> Signup and view all the answers

    In what way does 'Capital Formation' primarily contribute to economic growth?

    <p>By providing physical infrastructure for enhanced productivity</p> Signup and view all the answers

    Study Notes

    Economic Growth

    • Refers to an increase in the real output of goods and services in the country.
    • Measured by increases in real GDP or per capita income.
    • Based on an increase in productive capacity, such as using technology in production.

    Economic Development

    • Implies changes in income, savings, and investment along with progressive changes in socioeconomic structure of the country.
    • Measured by qualitative measures such as HDI (Human Development Index), gender-related index, Human poverty index (HPI), infant mortality, literacy rate.
    • Related to growth of human capital, decrease in inequality, and structural changes that improve the quality of life of the population.

    Sustainable Development

    • Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
    • Includes the protection of future economic growth.
    • Strives for social and economic progress without depleting the Earth's finite natural resources.
    • Prioritizes: poverty reduction, productive employment, social integration, environmental regeneration.
    • Requires: preservation of ecological resources and greater use of renewable resources.
    • Requires: encouragement to the use of environmentally-safe technologies for development purposes to focus on reduction of pollution involved in the economic activities.

    Human Development

    • "A process of enlarging people's choices."
    • Focuses on:
      • Living a long and healthy life
      • Acquiring better knowledge
      • Having access to resources needed for a decent standard of living.

    Factors Affecting Economic Growth

    • Economic Factors:

      • Natural Resources
      • Capital Formation
      • Technological Progress
      • Entrepreneurship
      • Human Resources Development
      • Population Growth
      • Social Overheads

    • Non-Economic Factors:

      • Political
      • Social and Psychological Factors
      • Education
      • Desire for Material Betterment

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    Description

    This quiz covers the concepts of economic growth, development, and sustainable development. You will explore the key differences between these terms and how they relate to measures of progress such as GDP and HDI. Test your understanding of how these elements contribute to the well-being of nations and future generations.

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