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.
Economic development and growth are linked to one another, states What is Economics. When a country experiences economic growth, its gross domestic product (GDP) increases. When there is income growth per capita, meaning that income grows in relation to the country's population, it is called intensive growth. Extensive growth occurs when there is an increase in territory or population. Both lead to economic growth. According to the Business Dictionary, economic growth is influenced most by technological advances and policy improvements.
The level of economic development is measured by a country's poverty rates, literacy rates, infant morbidity rates,life expectancy and overall health and safety, as defined by What is Economics. Development takes place when policymakers and communities work together toward economic betterment. Economic growth is one facet of development, but there are others, including improved social welfare, a secure political system and stable government. If a country experiences economic growth, economic development typically follows, according to What is Economics.Learn More
Globalization is driven by international trade and investment and aided by information technology. It is the process of interaction and integration among the people, companies and governments of different nations, states Globalization 101, a website of the Levin Institute.Full Answer >
The basic rights that form capitalism's foundation include the right to own private property and the right to own a business and keep profits after taxes are paid. In addition, capitalism supports the freedom to compete and the freedom of choice.Full Answer >
A secondary ecological succession will follow the destruction of the vegetation in an ecosystem, even if it has been completely destroyed in a major forest fire, provided that the soil has been left intact. Seeds brought into the area by wind or by animals, or seeds that were left below the soil before the disturbance, will take root and become the pioneer plants of the secondary succession. Herbaceous plant growth, such as grass, will begin to grow first, followed by bushes and the first-emerging trees, and lead ultimately to a restoration of the original ecosystem.Full Answer >
Price elasticity of demand is an economic concept that can be computed by dividing the percent of change in quantity demanded of a good by the percent of change in the price of the same good. The concept is that changing the price of a good can alter demand for it.Full Answer >