Podcast
Questions and Answers
What is the primary distinction between Economic Growth and Economic Development?
What is the primary distinction between Economic Growth and Economic Development?
Which concept integrates both economic and social dimensions in its definition?
Which concept integrates both economic and social dimensions in its definition?
Which factor is typically not considered a direct contributor to Economic Growth?
Which factor is typically not considered a direct contributor to Economic Growth?
Sustainable Development primarily emphasizes which of the following?
Sustainable Development primarily emphasizes which of the following?
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Which of the following pairs defines the difference between Economic Growth and Economic Development?
Which of the following pairs defines the difference between Economic Growth and Economic Development?
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What is the definition of human development according to the UNDP?
What is the definition of human development according to the UNDP?
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Which of the following is NOT considered an essential choice for people at any level of development?
Which of the following is NOT considered an essential choice for people at any level of development?
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Among the three essential choices of human development, which emphasizes longevity and health?
Among the three essential choices of human development, which emphasizes longevity and health?
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Which of these aspects does not directly relate to the fundamental concept of human development?
Which of these aspects does not directly relate to the fundamental concept of human development?
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What is a primary goal of the human development process as defined by the UNDP?
What is a primary goal of the human development process as defined by the UNDP?
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What is the primary focus of sustainable development?
What is the primary focus of sustainable development?
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Which statement best represents an aspect of sustainable development?
Which statement best represents an aspect of sustainable development?
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Which factor is most directly responsible for enabling countries to innovate and improve productivity?
Which factor is most directly responsible for enabling countries to innovate and improve productivity?
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How does sustainable development affect quality of life?
How does sustainable development affect quality of life?
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What type of factor does 'Education' fall under when considering economic growth implications?
What type of factor does 'Education' fall under when considering economic growth implications?
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Which of the following factors is least likely to influence economic growth directly?
Which of the following factors is least likely to influence economic growth directly?
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In the context of sustainable development, what is meant by 'protection of future economic growth'?
In the context of sustainable development, what is meant by 'protection of future economic growth'?
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What misconception might arise regarding sustainable development?
What misconception might arise regarding sustainable development?
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Which factor must be prioritized to effectively boost human resource development in a rapidly growing economy?
Which factor must be prioritized to effectively boost human resource development in a rapidly growing economy?
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In what way does 'Capital Formation' primarily contribute to economic growth?
In what way does 'Capital Formation' primarily contribute to economic growth?
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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.
