Section 14 - Economic Development Flashcards
1
Q
Economic Growth
A
An increase in the size of a country’s GDP.
2
Q
Economic Development
A
It’s a normative concept - it involves making value judgements about what would make up a ‘more developed’ country. (But aims to measure how living standards and people’s general welfare in a country change over time.)
3
Q
Size of a country’s economy is important when measuring development, and so are things such as…
A
The size and health of the population and the quality of life they have.
4
Q
National income data is an important measure of economic development, such as…
A
Real GDP per capita or real GNI (gross national income) per capita. Real GDP and GNI have the effect of inflation removed.
5
Q
Benefit of using ‘per capita’ national income figures
A
