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Card 1 of 23

Distinguish between economic growth and economic development.

A
  • Growth is an improvement in quality of life (e.g. health, education).
  • Development is an increase in quantity of output (real GDP).
B
  • Growth is an increase in quantity of output (real GDP).
  • Development is an improvement in quality of life (e.g. health, education).
C
  • Growth is a reduction in inequality of income.
  • Development is an increase in quantity of output (real GDP).
D
  • Growth is an increase in value of output (nominal GDP).
  • Development is an increase in size of the population.

Card 1 of 23

Development Flashcards

  1. A Level
  2. /Economics
  3. /Development

23 flashcards on OCR A Level Economics Development: the key terms, economic models and case studies you need to recall for Component 01, Component 02 and Component 03.

Flashcards