Economic Growth and Developmen
“Outline the differences between economic growth and economic development. Discuss how economic development may be measured. Outline how globalisation may impact upon a nation’s development. Where appropriate make reference to a relevant case study.”Although economic growth and development are similar in meaning, they have some essential differences. Economic growth refers to the increasing ability of a nation to produce more goods and services. Economic development basically implies that individuals of that nation will be better off and takes into account changes in economic and social structures that will reduce or eliminate poverty. Economic development can be measured in a number of different ways including the Human Development Index, a Gender Empowerment Measure, a Human Poverty Index and a Human Freedom Index. All of these measures were developed by the United Nations Development Program. The World Bank also has its own indicator called the World Bank Development Indicator. Globalisation can have both negative affects on a nation. It can impact on the levels of economic growth a country may experience, impact on levels of unemployment or it may impact on a country’s quality of life.
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Some common words found in the essay are:
European Union, Indicator Globalisation, Korea Singapore, Globalisation Outline, Economic Welfare, Program UNDP, Index HFI, Index WBDI, Domestic Product, Index HPI, economic growth, economic development, human development, world bank, gnp capita, quality life, development index, nations development, development indicator, takes account, united nations development, human development index, nations development program, economic development measured, levels economic growth,
Approximate Word count = 1767
Approximate Pages = 7 (250 words per page double spaced)
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