The development gap is a term used for defining the differences between the most and least advanced countries. It is another way of referring to nations that enjoy first, second and third world statuses. It defines how far apart countries are in terms of development, economy and education. The development gap also refers to the hemispheric divide between the north and south.Know More
The development gap refers to the space between nations demographically, economically and developmentally. This gap is measured based on the industrial progress and infrastructure capabilities of a country and ranks it in comparison to global standards. By putting this sort of ranking system in place, it is easy to determine the countries that are doing best and the countries that are in need of better management and updating.
There is a widening gap between the greatest nations in the world and those that are most impoverished and least developed. Many of these territorial splits are defined by positioning in relation to the equator such that the development gap is also referred to as the north-south split. Differentiating between first world nations and third world nations allows for better recognition of the areas most in need of assistance. This measurement is also useful in showing how some regions are improving while others are on the decline.Learn more in Economics
According to the Regional Development Agencies Act of 1998, Regional Development Agencies were created to be the strategic driver of economic development and prosperity in their region. Their responsibilities were to further economic development and regeneration, promote business efficiency, promote employment, enhance skills of application and contribute to sustainable development.Full Answer >
"Development administration" refers to the administration of policies, programs and projects that contribute to the development of a nation and have significant sociopolitical and socioeconomic impact on the countries involved. It is performed by bureaucrats who are talented and highly experienced. Development administration models are driven by the desire for change. Most development functions have specific objectives, and planning for both resources and time is crucial to the model.Full Answer >
A closed economy is one in which the country trades only within its own borders. In an open economy, the country trades with other nations as well. Closed economies are much less common in modern society.Full Answer >
Among the key advantages of economic growth are improved standards of living, increased employment and investment in cleaner technologies, while some of the major disadvantages are the risk of inflation, pollution and deforestation, traffic congestion and excessive household waste. There are also concerns about the sustainability of economic growth, particularly given the finite nature of the Earth's resources, including rainforests and fish stocks.Full Answer >