“The Traditional And Most Widely Referenced Definition

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

-Nominal GDP is the value of final goods and services evaluated at current-year prices and are calculated by summing the current values of final goods and services. In the other hand, the real GDP is and services in the base year to calculate the value of goods and services in all other years. “Real GDP holds prices constant, which makes it a better measure than nominal GDP of changes in the production of goods and services from one year to the next. In fact, growth in the economy is almost always measured

Gross domestic product is the market value of final goods and services produced within a country in a given period. Which this is commonly considered an indicator of the standard of living within a country. Real GDP on the other hand is measure of the value of economic output that adjust for price changes. Nominal GDP is a gross domestic product figure that has not been

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

GDP is the calculation of the total goods and services produced in one year. It measures the economy's size and compares how the economy performs in other countries. GDP is measured in three different ways, as the value of goods and services produced, as domestically produced goods and services spending, and as a factor income from firms. With the value of goods and services produced, GDP is calculated by adding the goods and

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.

Not all aspects of economic growth are positive, for example when an economy is at, or near its full capacity of productivity prices can be driven up causing inflation and the devaluing of their currency, where each unit of currency buys fewer goods and services that it previously could have. It can increase the

from a study of what induces economic development to a study of the allocation of

Taking into consideration the trickle-down theory of economics by Lewis, if the growth in economy is not sufficient to satisfy the needs and wants of the upper sections, nothing or very little shall trickle down to the lower sections in the hierarchy of society. Thus, the gap between the rich and poor widens and though economic growth has impacted a certain section of society, this cannot be considered development. Another example is an increase in the defence output of a nation, which accounts for an increased GDP but does not in any way contribute to economic development. Economic growth is not enough in itself to measure economic development as even if there has been a leap in the income of people in a particular nation,

Economic Development refers to economic growth, while economic growth refers to increase in GDP (Nafziger, 2012). Economic development requires the government’s dedications, incentives, vision, and leadership (Morgan, 2011). Smart economic development, on the other hand, leverages technology to increase efficiency, and reduce cost. It requires the government’s dedications, incentives, vision, and leadership. Public Wi-Fi, for example, can be used as a tool to connect business and citizens by supporting business transactions. Private investments and businesses play key roles in ensuring a strong economy (McConnell, Brue & Flynn, 2009). The goal of economic development is to reduce unemployment, create jobs, lower poverty, lower crime rate, and increase income, which may lead to a strong economy, better quality of life, and prosperity. Figure 2 illustrates the economic development process map. Community Planning, on the other hand, is a strategic process of creating innovative solutions to solve the community challenges, protect, and preserve the community’s assets (infrastructure, attractions, business, utilities, libraries, schools, personal properties, and the people). The goals of community planning are building a community-based sustainable food system, manage water resources and develop conservation strategies, provide decent housing for the resident, foster and expand economic opportunities, create laws, policies, zoning, and regulations, and design and build

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

This research also shows that economic growth, on average, raises incomes for both the rich and the poor. It helps to lift the poorest in society out of absolute poverty and does not automatically increase inequality. More importantly, no country has managed to lift itself out of poverty without integrating into the global economy.

What makes a nation wealthy? Answering this basic question may not be as simple as it seems. Because we must first analyze what “wealth” is. This essay is going to cover Adam Smith and Karl Marx’s work and their views how the society works and how wealth is created. It is going to highlight the theory of “Division of labour” and how it shaped the social relations. Lastly Robert Heilbroner’s concept of “drive for capital” will be discussed and how it produces wealth and misery to analyze Sinclair’s insights into the nature of industrial life in the late 19th and early 20th centuries.

Economic growth on the other hand refers to the ‘increase in the capacity of an economy to produce goods and services.’ It can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation (Investopedia 2014). GDP (Gross domestic product) which is ‘the monetary value of all the finished goods and services produced with a country’s boarders in a specific time period’ (annually) (Investopedia 2014) GDP is used when comparing economic growth between countries as these take into account population differences between countries’ (Investopedia 2014). Population growth is the increase in the number of people in a country, state or city. The formulae for population growth is (Birth

Economic growth is conventionally measured by the increase of the Gross Domestic Product (GDP) (Khan, 2014; Pritzker, 2014; IMF, 2012). It is closely related to the increase of aggregated output (Broadberry, 2011, Hausmann and Hidalgo, 2011). Many scholars have interest in economic growth because it has potential both for reducing poverty (Ravallion, 2001; Goudie and Ladd, 1999), and raising people’s living standard (Dupont, 2015; Jackson, 2008).