• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Explain the key issues in relation to the developing nations concerning Economic development and economics growth.

Extracts from this document...

Introduction

Economics Essay No.1 Jong Bae, Moon - Explain the key issues in relation to the developing nations concerning ; Economic development and economics growth. There is a tendency to think of economic growth and economics development as being the same. However, this is not the same case. Economic growth occurs where there is an increase in the level of output of a country. Economic growth occurs where there is an increase in the actual amount of goods and services produce in one year. Only when the real volume of GDP (Gross Domestic Product) and the circular flow of income has increased can the economic growth be said to have occurred. It is a macro economic variable and can be measured in a fairy straight forward fashion development is a much broader concept involving non-economic and often quite intangible improvement to the standard of living. Economic Development is a broader concept than economic growth. It combines growth with an improvement in living standards. Economic growth does not take into account how GDP is distributed or the degree of poverty that exists or how much access people have to basic needs such as schooling, health and social services. ...read more.

Middle

Every this reason makes developing nations a low standard of living. It is thus possible to have economic growth with no or little development. This can be demonstrated using the production possibility curve in the diagram below. In the left-hand diagram the economic growth has shifted the production possibility to the right. However, the majority of the additional goods produced are luxury goods and benefit the higher income earners. In this case there is little if any development. In the production possibility curve shown on the right-hand side the additional output consists of necessity items and these could benefit the low-income earners. (1-2 economic growth with/without development) Economic growth doesn't show always positive features. For example, in Korea. Since 1960's, their economic growth shows rapidly high. But it makes Seoul, the capital city in Korea, makes overcrowded and causes pollution, congestion. And nowadays they shows that lost of a traditional way of life and anxiety and stress increased. In most countries urban incomes are grater than those of the rural based population. ...read more.

Conclusion

Some remain at the very edge of starvation, or have what is now known as a high vulnerability rating, whilst others have either propelled themselves beyond immediate disaster or are beginning to show some positive signs. An example of this latter category is Uganda, which now boasts 35 goods that are cost effective against Far East produced equivalents. One of there is men's white shirts. The former group contains many of the newly industrialized nations, such as South Korea, Taiwan and Singapore. Perhaps yesterdays low-income economies are becoming the middle order economies of today and the rich nations of tomorrow. Outline / Structure Introduction - Tendency of economics growth and economic development. Body 1) Definition of Economic growth 2) Definition of Economic development 3) Economic growth with PPF 4) PPF with/without Economic development 4) Economic growth and developing nations (South Korea) 5) Economic development and developing nations (Bangladesh) 6) Measuring economic development Conclusion - Great diversity amongst developing nations and industrialized nation's future. Diagram - (2-1 Production possibility curve) - (2-2 PPF with/without economic development) Economics HL Explain the key issues in relation to the economic concerning ; Economic growth and Economic development Name : Jong Bae, Moon Grade : 11th Economics HL1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Why has GDP growth been so slow in Somalia?

    ties their economy to a global system of production and distribution controlled by the industrialized countries of the West13. Unfortunately it appears the West is unwilling to relinquish their power. During the 1980s the position of many African countries declined further, with growing foreign debt, falling aid, very little -if

  2. Environmental Economics HSC Notes

    Core objectives: o To enhance individual and community well being by following a path that ensures the welfare of future generations. o To provide equity between generations. o To protect biological diversity and maintain essential ecological systems. * The concept of ESD gained prominence following the publication of the WCED in 1987.

  1. Growth is the most powerful weapon in the fight for higher living standards - ...

    Countries with low inequality, but the same rate of growth as those with high inequality reduce poverty by twice the amount.7 Widespread income inequality may have arisen because of corruption or inefficient allocation of resources. Governments need to devote income to health and education, as human capital is essential to continue the virtuous circle of growth and improve living standards.

  2. A Comparison Of The Path Of Development In

    Fur could also be obtained relatively easily through trade with the Indians without any harsh labour or backbreaking work as was required if agricultural activity was to be pursued. Conclusively, it presently an activity of high and quick returns with relatively little hard work and little initial investment.

  1. In this report, we shall explore the reasons for the shift from multilateralism to ...

    membership or, in cases where the outside country is itself a member of another RTA, a bilateral agreement could lead to coalescence of two areas. In this context, the Singapore-USA FTA, for example, in the long run can in fact coalesce the AFTA and NAFTA and create a bigger free

  2. Chinese Economic Reform

    Once Deng and his faction had prevailed, it was necessary for some sort of economic reform to evolve. The initial form the new economy took was not a radical one. China was "still a state in which the central government retain[ed] the dominant power in economic resource allocation and responsible

  1. International economic relations

    He first introduced into this balance such components as the sale of numerous services - freight earnings, marine insurance payments, travelers' expenses, and many more - to foreign countries. Among other adepts of mercantilist theory we can name also Edward Misselden, William Petty, and others.

  2. Emergency Economic Recovery Program From the United Nations International Report, Vol. I, no. A1

    Priority investments required during the 12 and 18 month time frame concentrate on improving physical infrastructure ($10 million), increasing the availability of key inputs and credit ($12.5 million), and reforestation and soil conversation activities ($7 million). Most of the public works projects require labor-intensive technologies that will immediately boost employment in rural areas.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work