Concepts related to Economic Growth and Economic Development #MACRO_ECONOMICS

By Anonymous -

Hello, friends

 today we're going to explore/discuss the concepts related to economic growth and economic development.

Note: These concepts can also be referred for short answer type questions or very short answer questions.


Hearty welcome to you. Lets begin. #MACRO_ECONOMICS

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Economic growth

The term Economic growth refers to an increase in the production of goods and services in a country 

during a financial year. This concept is more relevant in developed economies.

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this process is the starting point for economic development/progress.


Economic development

The term Economic Development refers to not only increase in the production of goods of services 

but also progressive change in the socio Economic structure of a country. This concept is more 

relevant issue in developing economies.

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It requires a long time for underdeveloped and developing economies. the political will of the country should be in focus, citizens enlightenment, infrastructural development, technology, etc. are the main areas to improve for the achievement  of economic development in a country.


Social Progress Index (SPI)

The SPI measures the extent to which countries provide for the social and environmental needs of 

their citizens. 54 indicators in the areas of basic human needs for foundations of wellbeing and 

opportunities to progress show the relative performance of nation. This index is based on the 

writings of Amartya Sen, Douglass C. North  and Joseph E. Stiglitz .


Human Capital

Human capital refers to an investment made on human beings that is investment on education, 

health care, medical facilities, nutritive food, tracing etc. are called human capital. It improves the 

skill and productivity.

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Production, development of a country or an organization, quality of work is based on the human capital.


Natural resources

The resources which are given by the nature is called Natural resources. Land area, quality of soil, 

forest wealth, mineral wealth, rivers, oceans, mountains, oil reserves, climate eco system etc. are 

natural resources. Rich natural resources helps in quick development of countries but the way of 

utilizing them should be in proper way.


Human Resources

Human resources are considered as main factors in economic development. Human resources 

provide labor. If the labors in a country are efficient and skillful a country can achieve high rate of 

economic growth. 


Self-Reliance:

Self-reliance means to stand on one own legs. It implies that the dependents on foreign aid, and 

technology should be as minimum as possible. Excessive dependents on foreign trade may lead to 

economic colonialism. 


Inclusive Growth 

Inclusive growth means the inclusiveness of the hitherto excluded sessions of the society in the 

economic growth process. Inclusive growth is an important objective of the 12th 5 year plan. 


Physical Quality Of Life Index (PQLI)

Physical Quality Of Life Index is a non-income indicator of economic development which uses life 

expectancy, infant mortality and literacy for measuring economic development. 


Human Development Index (HDI):

Human development Index is a modern indicator of economic development. It is a statistical tool 

used to measure a countries overall achievement in its social and economic dimensions. The following factors are considered to construct HDI.

  • Income for better living
  • Education or literacy rate
  • Life expectancy

HDI was propounded by Mahbub ul Haq . 


Gender Related Development Index (GDI)

The GDI is a composite indicator which measures the average achievement of population in 

the same dimensions as the human development index while adjusting gender inequalities 

in the level of achievement. It uses the same variables that is 

Better living, education and life expectancy.

    

Marketable surplus:

It refers to the excessive  of agricultural output over and above, what is required for the subsists 

living of the farmers and their family members. 

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that amount of output is soled in the market by the farmers.


Joint Family System

If the children of a family continues to live together with their parents even after marriage, 

that family is considered as a Joint family. The joint family system is a feature in developing 

economies. It discourages mobility of labor, savings and family planning. 

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however there is a lot to learn from Joint families. if everyone has earning source then it is good to live as a joint family.

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The end


Thanks for reading! hope it is helpful to you.


Note: Please share your thoughts below and let us together make the subject available for everyone in a easiest way to understand.


Let us invest our life to make it happened. that is our time and energy.


From,

WELL-BEING

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