• 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 the characteristics of economic growth.

Extracts from this document...

Introduction

Essay No.2 Jong Bae, Moon Explain the key issues in relation to the developing nations concerning ; the characteristics of economic growth. Economic growth refers to an increase in a country's ability to produce goods and services. The advantage of economic growth is that an increase in real national income allow more goods for consumption. The income of a country can be measured by its GDP or GNP. The GDP measures the value of goods and services produced by the firms of an economic in one year. It can increase due to two basic reasons or a combinations of both. First, the value can increase because the amount of goods and services actually produced during the course of one year has increase. ...read more.

Middle

A developing country or less developed country (LDC) is one which is not yet fully industrialized and tends to have the following features : * Agriculture is more important than manufacturing. * There is limited specialization and exchange. * There are not enough savings to finance investment. * Population is expanding too rapidly for available resources. * A low standard of living. A developed country is more fully industrialized and has a high standard of living. All of these characteristics are inter-dependent and self-reinforcing. ( Diagram 1 ) Rapid growths arising from increased productivity encourage further research and further technological change, which in turn leads to further growth. (Diagram 2) Growth in productivity raises incomes, which raises demand, which stimulates markets to grow and innovate further. ...read more.

Conclusion

They must also offer incentives for the discovery of new ideas at home, and this is not easy to do. The same characteristic that makes an idea so valuable - everybody can use it at the same time - also means that it is hard to earn an appropriate rate of return on investments in ideas. The many people who benefit from a new idea can too easily free ride on the efforts of others. Structure / Outline Introduction Definition of Economic growth Body 1) Two reasons to measured Economic growth 2) LDC features related to Economic growth 3) Economic Characteristics with Diagram Conclusion Role of Developed nations for LDC Diagrams Characteristics economic growth Economics HL Explain the key issues in relation to the economic concerning ; the characteristics of economic growth. 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. Economic Growth HSC Notes

    The sustainable inflation meant that there was no need for higher interest rates, as the economic could continue to grow at a sustainable rate. * Assets such as real estate and shares experienced large price increases during the early 2000s.

  2. Explain the key issues in relation to the developing nations concerning the characteristics of ...

    growth of GDP per capita between the years 1985 and 1994 was -2.1% for Niger, Africa, and 1.3% for the States. This is because the populations grows too fast in developing countries in comparison with the available resources.

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

    Effectively, the rich countries in the West exploit the poorer Third World in order to stay rich. Unlike countries like the UK or Germany, the states of the Third World did not start from a position where competition was minimal and no restraints existed on entering the world market; this

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

    If such similar trade agreements are to be set up within Asia and its major trading partners, it will not only create free trade within Asia, but also between Asia and its trading partners which includes countries on the other parts of the globe.

  1. Outline the issues under discussion at Cancún - Why did talks fail?

    According to the laws of comparative advantage the US should be a massive importer of cotton due to its relatively high costs of production due to expensive labour and disadvantageous weather conditions compared to many equatorial regions. However, it is actually the biggest net exporter of cotton in the world

  2. International economic relations

    This movement was later named liberalism and the very first economists fighting against the mercantile ideas are regarded to as the pre-classical liberalists. Pre-classical Liberalism 18th century is often remarked through the development of the scientific trend in studying human society.

  1. Chinese Economic Reform

    To a great extent, the issue of economic reform became politicized as the issue was used as a means by Deng Xiaoping to attain the leadership of the Chinese Communist Party. Mao's successor, Hua Guofeng, had "tried to prove himself a worthy successor to Mao by draping himself in the mantle of Maoist tradition.

  2. "Machine breaking and strike action were characteristic of unruly and undisciplined Labourers".

    wages which lasted for over 20 years, also those arrested for the vandalism were given "light sentences" . The knitters then actually succeeded in achieving their demands, and those convicted of crimes against property were given fairly mild sentences considering their actions.

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