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
(a) What is  meant by heteroscedasticity and what are the consequences of applying OLS estimation in its presence? (b) Explain in details the Generalised least Square procedure



Since 1990, real income has increased rapidly , yet the average number of children per family has decline ." Three possible explanations for this process are given below.

Impact of government legislations on business in india Government in India plays a dominant role in the Indian business activity. It directs and regulates the private business and


Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2                     TC = 1.5Q 3 - 50Q 2 + 1000   i) the marginal profit function

I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus

Suppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal II wil

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of