Economic Growth and Development (AQA A-Level Economics): Flashcards
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10 cards from this deck
Economic growth
Economic growth
Increase in volume of goods/services an economy produces
Economic development
Economic development
Growth + improvements in welfare, quality of life, sustainability
Sustained vs sustainable growth
Sustained vs sustainable growth
Sustained = consistent rate; Sustainable = doesn't harm future
HDI (Human Development Index)
HDI (Human Development Index)
UN measure of development using health, education, income
Maximum HDI value
Maximum HDI value
1 (or unity)
Three components of HDI
Three components of HDI
Life expectancy, years of schooling, GNI per capita (PPP)
Education vs training
Education vs training
Education = knowledge/intellect; Training = work skills
Human capital
Human capital
Skills, knowledge, experience of working population
Corruption (development barrier)
Corruption (development barrier)
Dishonest behavior (bribes) diverting resources, raising costs
Capital flight
Capital flight
Sudden withdrawal of money from a country