27. Economic Development & Growth

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Test your knowledge of Economic Development & Growth with these flash cards!
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Question Answer
Define economic growth An increase in GNP per capita
List 3 advantages to economic growth Better standard of living. Greater freedom and choice. More employment. Increased opportunity for enterprise. Reduced poverty. Emigrants have the chance to return home.
List 3 disadvantages to economic growth Damage to environment. Creates a materialistic society. Unequal benefits (economic dualism). Money cannot buy happiness, it can only make things possible.
Define economic development An increase in GNP per capita, resulting in a fundamental change in the structure of society
List 3 "fundamental changes" in society Changes in farming methods A movement from rural to urban areas Change in type of work
What is the name of the economist who came up with stages of growth? W.W Rostow
State and explain the first stage of Economic Growth (Initial state) "Traditional Society" (Low output per worker) (Poor infrastructure) (Self-sufficient-little im/exports)
State and explain the second stage of Economic Growth (Aspirations) The Preconditions for Take-Off (Desire to emulate affluent societies) (Culture becomes more hopeful of change) (Industrialisation begins)
State and explain the third stage of Economic Growth (Happening) The Take-Off (Greater applic. of technology in farming) (Incomes rise, consumer demand rises too) (Economic growth becomes self-sustaining)
State and explain the fourth stage of Economic Growth (Furthering) The Drive to Maturity (Continued rise in investments) (Continued urbanisation) (Gov. expands public sectors and social welfare)
State and explain the fifth stage of Economic Growth (The top) The Age of Mass Consumption (High income per capita) (Expansion of suburbs) (Development in electronic infrastructure)
List 3 problems with Rostow's theory Development rarely follows such a clear path. Each country's problems are unique. Investment doesn't have to come from within a country. Countries often progress then stagnate.
Define a LDC A country that shows the lowest indicator of socioeconomic development.
In an LDC, income per person is... Low
Population growth in LDCs is... Rapid
Who owns the majority of the wealth in an LDC? What is this known as? A small ruling elite (Economic dualism)
What should governments of LDCS prioritise for economic growth? Education
What is essential for economic growth to take place? Peace & Political Stability
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