Development And Development Of Developing Nations

-The nation’s GDP is a good measure of its economic well being and progress because it represents the total value of all goods and services produced in an economy, and what a country produces and what it consumes are nearly identical.

WORLD BANK: governments play an important role in development, but there is no simple set of rules telling them what to do.

Economic growth is a common term used by economists to describe in increase in production in the long run. According to Robinson (1972) economic growth is defined as increases in aggregate product, either total or per capita, without reference to changes in the structure of the economy or in the social and cultural value systems. The basic tool of measuring the economic growth includes the real GDP. It provides some quantitative measures in terms of the production volume.

Summarise the Main Development of a Child from the Age range 0-2, 3-5, 5-8 Years

Economics growth is, it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as its base year). It can be measured in three different ways; the output measure is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. The

The concept of ‘sustainable development’ is one that has faced heated debates for decades now. A seemingly harmless concept, it raises a lot of questions as to what it really entails and how exactly it can be achieved. But with more than 1.3 billion people living in abject poverty (less than $1.25 a day), and with a reported 22,000 children dying every day as a result of poverty (UNICEF), the debate for Sustainable Development becomes interesting as it questions the extremity of economic growth policies, in the war against poverty. Many note economic growth and development as the only tool for poverty alleviation. Roemer and Gugerty, for example, report that GDP growth of 10% per year is associated with income growth of 10% for the poorest 40% of the population. However, others question the extent to which economic growth should be put above other socio-economic factors. Lele points out that the focus on economic growth has led to important ecological and social sustainability, taking the backseat. He argues that due to strong emphasis on economic growth, not enough attention is paid to social equity, and economic stability within the development discourse.

Developing nations are filled with hope and aspirations of one day becoming a wealthy, dominating, and influential country. These nations can sometimes be unsafe, difficult to live in, and hard for workers to earn good compensation for their labor. On the other hand, living in a developed nation has many upsides. Developed nations are wealthy, which in turn have good infrastructure, labor and worker laws, and have less crime.

The questions are raised as what and how the wealth is distributed or allocated among societies. Countries with similar average incomes can differ substantially when it comes to people’s quality of life such as social justice, access to education and health care, job opportunities, availability of clean air and safe drinking water, the threat of crime, freedom of speech, life expectancy, birth-death control, identity, culture, conservation, equal opportunities, environmental change. Development is important as it covers a wide range process involving cultural, economic, environmental, political, social and technological change of a country. Regarding goals and means of development, recent United Nations documents emphasize on human development measured by life expectancy, adult literacy, access to all three levels of education as well as people‘s average income which is a necessary condition of their freedom of choice. In other words, human development incorporates all aspects of individuals’ well -being from their health status to their economic and political freedom. The Human Development Report 1996 of UNDP focuses on development as the end and economic growth a

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

As we know from macroeconomics, Gross Domestic Product is the sum of consumption, investment, government spending, and exports. We use GDP to understand the economic health of a country. If GDP is going up, the country is experiencing economic growth. Through growth accounting, we could also assume that we could see an increase in economic growth if we used the Cobb-Douglas function and saw an increase in output. The Cobb-Douglas function is essentially a more complicated form of the production function that states that output itself is a function of its inputs (capital and labor) and is augmented by technology.

Developed nations can also take positive steps to directly benefit developing countries—specifically, by taking action

In earlier times Gross Domestic Product was one of the main indicators to measure a country’s wealth. Gross Domestic Product (GDP) is defined as the total value of all the goods and services produced by a nation in any given year ("Is the Gross Domestic Product (GDP) a Good Measure of Prosperity?"). There are two ways of calculating a country’s GDP. The first is the income approach which is calculated by adding the wages of workers, income from rent, interest and profits. The second, more common form of calculating GDP, is the expenditure approach. Here GDP totals consumption expenditure, investment, government spending and net exports. GDP statistics are considered to reflect a county’s economic output which could possibly lead to growth. However GDP is a measure of income and it should not be confused with wealth. Which is why most modern economists do not consider GDP to be a good measure of a

It is important to remember that the higher the productivity of the country, the higher it’s Gross Domestic Product (GDP) would be. GDP is often used as the unit of measurement to gauge the market value of every final goods and services produced in the country in a specific period of time. Therefore, to unlock the potential of the country economically, it has

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation. For comparing one country 's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. Economic growths is an increase in what an economy can produce if it is using all its scarce resources. An increase in an economy’s productive potential can be shown by an outward shift in the economy’s production possibility frontier. A country 's economic growth is usually indicated by an increase in that country 's gross

Developed in 1930s, GDP defined as the value of all the goods and services produced within a country in a given financial year (Heloisa, 2012). GDP is significant as it measures size and performance of an economy. GDP uses growth rate to quantity the economic activity and this assists policy makers to adjust and implement economic policy during recession and depression, as it obliges as a precise indicator of the business climate where it provides all the essential data to government and business so they can adjust and think of ways to survive (Macroeconomics, 2011). Economically it functions as a modest representation for social and economic welfare of a country and this helps economist worldwide to study and compare different countries in terms of life expectancy, wealth, income, education level and many other indicators (Macroeconomics, 2011).