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Economic Development

Economic development focuses on how to improve the economies of developing countries. It measures the quantitative and qualitative changes in an economy. Economic development incorporates both private and public sectors because governments try to promote growth in private sectors and their investments. As a subject, economic development encompasses business, public administration, and sociology, along with economics.

Development economists see the improvement of healthcare, education, domestic and international policies, and market conditions as ways to create economic growth in poor countries. This branch of economics looks at microeconomic and macroeconomic factors when assessing the structure of the developing country and how its economy can create international and domestic growth. It strives to improve quality of life through economic processes.

A goal of development economists is to create a larger range of economic decisions and social choices for individuals and nations. By improving the economic conditions of a country, individuals have more freedom in their economic choices and are able to receive more life-sustaining goods like protection and food. Economic development is different from economic growth because economic growth is the increase of a measure of an economy, such as gross domestic product. Economic development encompasses the improvements of welfare, such as education and the environment. The main difference is that economic development looks at the progress of economic welfare overall, whereas economic growth only looks at particular variables. Economic growth is therefore a branch of economic development.

Gross domestic product (GDP), gross national product (GNP), and purchasing power parity (PPP) are some measures of economic development. There are some inconsistencies in these types of measurement because negative externalities of economic growth are not accounted for, such as environmental factors. Social indices, which as easily measured features of a country, are used to measure economic development. These types of social indices include life expectancy, infant mortality, and fertility rate.

Categories within Economic Development

Barriers to Growth

Postings: 135

Barriers to growth are the conditions or systems that stop a country from strengthening and growing its economy.

Economic Growth

Postings: 486

Economic growth is an economy's increase in the production of goods and services, as well as the increase in technological changes and advancements.

Employment

Postings: 322

Employment is when an individual, the employee, works for wage for an employer.

Foreign Relations

Postings: 11

Foreign relations are the relationships between the representations of foreign states or groups and one’s own state.

Supply and Demand

Postings: 726

Supply and demand reflects how price is determined in a market. Supply shows how much a market can offer and demand shows the quantity of a good or service that are desired by consumers.

Technology

Postings: 188

Technology is involved in the development of an economy because it can control how and how much of a good is produced.

Economics Concepts - Production and Cost

Write a 2 page paper, with a reference page that addresses the following: Explain the production function and discuss why it is important. Explain diminishing returns to an input and give an example. Discuss why a firm's cost curve might be different in the short-run versus the long-run. APA format Times Roman 12 Due on

Poverty, Cash and In-kind Transfer Programs

What is poverty? How does the United States define who is poor? What is the current poverty rate? What are cash transfer programs and in-kind transfers? What role has welfare played in poverty reform?

Thinking like an Economist

Please assist me with the following questions: 1. Could a nation's production possibilities curve shift outward? Explain what such a shift would mean, and discuss at least two events that might cause such a shift to occur. 2. By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, ser

The relationship between corruption and economic growth

Assess the empirical evidence on the relationship between corruption and economic growth. Could you illustrate with a case study of an Asian economy? How to do I start and what are the points that I can use for the body?

Decision Making in Oligopoly Markets

Burger King and McDonald's are situated on opposite corners of a downtown intersection. Burger King and McDonald's compete on the basis of the prices they set for their burger, fry, and soda combination meals. Every Monday, Burger King and McDonald's simultaneously choose their combo meal prices, which will remain in effect for

360-Degree Performance Evaluations

Many firms today use 360-degree performance evaluations. Make a case for this type of evaluation based on the informativeness principle. What problems may be encountered from implementation of such a system?

Apple Company

Actually Apple is how big, based on Market Capitalization and explain a) Top 10 companies in the world. b) Top 10 companies in the USA. c) Top 50 companies in the USA. d) Top 100 companies in the USA. AAPL is not the #1, who's the #1 company in the world (by mkt cap, not Revenue)? ALSO, in Economics

GINI Coefficient

Consider the following land distribution data for a developing country: Holding size % Holdings % Holdings Area CUMUL Less than 1 50 5 5 1-2 20 10 15 2-10 15 15

Advice from Doctoral Candidates

So I'm wondering if any of you over-achievers have any advice for me. Specifically I'm wondering - what else can I be doing to make my resume' more attractive? I'm hoping to enter an Econ PhD program and eventually work at a social experimentation firm (probably). Do you know of any sort of certifications or something which I co

Coaching rather than managing people

3.Discuss how coaching rather than managing people can (a) enhance a leader's understanding of RQ and therefore provide a better understanding of their followers. Also, (b) how may RQ assist leaders in the developing employees and creating a more productive and satisfied work group and (c) identifying effective novel reward beh

Sports Stadiums

Do sports stadiums really create additional revenue or do they merely shift the available spending power among the competing sectors of the local economy?

RD&E Cycle

23. A dollar spent on activities that occur during the RD&E cycle: a. can save up to $80-$100 on manufacturing and post-manufacturing activities b. can save up to $8-$10 on manufacturing and post-manufacturing activities c. can save up to $20-$30 on manufacturing and post-manufacturing activities d. can save up to $30-$40