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.Know More
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 about Economics
An economic map is a map that illustrates various economic activities or phenomena that take place in a particular area. This type of map features a variety of symbols and colors referring to particular economic activities.Full Answer >
Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited government restrictions.Full Answer >
Economic factors comprise the information that influences the value of an investment or business. When you are calculating the present and anticipated future value of an investment portfolio or a business, the economic factors are what you bear in mind. The primary economic factors are management, taxes, government policy, interest rates and labor costs.Full Answer >
Economic instability refers to a community or nation experiencing financial struggles due to inflation, consumer confidence issues, unemployment rates, and rising prices. Economic instability affects businesses' ability to thrive, the cost of living, and the physical, emotional and financial well-being of consumers and families.Full Answer >