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 about Economics
The concepts of elastic and inelastic demand are used in economics to describe change processes, and the differences between the terms are defined by the amount of change occurring within a given system. Areas of economic study related to supply and demand utilize these concepts.Full Answer >
The benefits of mercantilism include increased employment, the development of new technologies and products, and positive cultural exchanges as mercantilist nations seek new markets and raw material sources, whereas the disadvantages of the system include increased conflict between nations, growth in trade protectionism and the development of trade monopolies. The Library of Economics and Liberty defines mercantilism as a form of nationalism aimed at building a wealthy and powerful state.Full Answer >
According to the Canadian Government's Foreign Affairs, Trade and Development Department, Kenya is considered a developing country because it faces numerous challenges in development of its society. The country's ongoing development problems include issues with constant droughts leading to food shortages and a high unemployment rate.Full Answer >
According to What Is Economics, economic development occurs when policymakers work to improve the welfare of citizens; economic growth refers to a country's increase in output of products and services. Economic growth is considered by most economists to be a subcategory of economic development.Full Answer >