Concepts of economic development - economic growth, Microeconomics

Concepts of  Economic Development - Economic Growth

The production of goods and services in a nation during a given period (usually one year) is termed as its Gross Domestic Product (GDP). This product is composed of contributions from agriculture, industry, services and the management sectors. They are referred to as the primary, secondary, tertiary and quaternary sectors. Any increase in the production of commodities and services in any of these sectors from one year to the next year is known as sector-specific growth. The overall increases from all sectors to the economy is known as economic growth. Hence, economic growth is the increases in GDP from one base year to the next year.

Note:

1) Land, labour, Capital and Organisation along with technology are considered to be the factors of production. A higher level of technology is mediated through a higher volume of skills in the labour force. Higher the skills in the economy, higher is the level of production. For the same time spent by labour, efficiency of production increases with increasing skills. This is how education contributes to economic growth.
2) If there is no increase in production from one year to the next year and alternatively if there is decrease in total production, it is termed as negative growth.


 

Posted Date: 12/17/2012 2:37:55 AM | Location : United States







Related Discussions:- Concepts of economic development - economic growth, Assignment Help, Ask Question on Concepts of economic development - economic growth, Get Answer, Expert's Help, Concepts of economic development - economic growth Discussions

Write discussion on Concepts of economic development - economic growth
Your posts are moderated
Related Questions
what do you understand by linear break-even point? in what way is it useful in managerial economics? what are the assumptions underlying the analysis?

The demand curve for gasoline is P = 200 - 10Q.   a. Find the elasticity of demand for a quantity of 8.  Does this number imply that quantity demanded is sensitive to price chan

Bilateral and Multilateral Contracts Bilateral contract is defined as to purchase & sell certain quantities of a commodity at the agreed upon prices may be entered into between the

The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a

Illustrate the content in the rational consumer? Content in the rational consumer: a. How to spend income onto goods and services? b. Why maximizing usefulness? c. Wh

Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst

A monopolist''s demand curve is P=100-2q. find his MR function. at what price is MR zero

What are the chemical properties of silicon?

Figure 3.7 in the above textbook. Using the figure in guide, determine the approximate size of the market surplus or shortage that would exist at a glance of a) $40 b) $20

Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a