Economics S.S.S 3 Second Term

WEEK 3

Economic Growth and Development

Performance Objectives

Student should be able to:

1. Explain the concept of economic development and distinguish between economic growth and development.
2. Explain the characteristics of an underdeveloped economy.
3. Explain the factors that influence economic development.

Content

Definition of Economic Development

Economic development may be defined as the process by which emerging economies become advanced economies. In other words, the process by which countries with low living standards become nations with high living standards. Economic development also refers to the process by which the overall health, well being, and academic level in general population improve.

Definition of Economic Growth

Economics growth may be defined as the process by which the productive capacity of an economy increases over.... View More