Central Themes Flashcards
Term 1, Year 10
1
Q
What are central themes?
A
The distinction between economic growth and development.
2
Q
What is economic growth vs economic development?
A
Economic growth: increase in output.
Economic development: decrease in output.
3
Q
What are the three basic economic questions?
A
- What to produce (resource allocation)
- How to produce (resource allocation)
- For whom to produce (distribution of output and income)
