Economic Development & Growth

Economic Development & Growth

1. Economic Development

   • An increase in output per person, accompanied by a fundamental change in the structure of society
     • Fundamental Changes
       • Changes in farming methods
       • Movement from rural areas to urban areas
       • Change in type of work

2. Economic Growth

   • An increase in output per person

3. 5 Stages of Economic Growth

   • The traditional society
   • The preconditions for take off
   • The take-off
   • The drive to maturity
   • The age of mass consumption

4. Characteristics of Less Developed Countries

   • Low income per person
   • Rapid population growth
   • High proportion engaged in agriculture
   • Dependence on one crop
   • Uneven distribution of wealth
   • Poor living conditions
   • Low levels of adult literacy

5. Measures Needed for Development in Less Developed Countries

   • Foreign Aid
   • Improvements to Infrastructure
   • Increased Output from Agricultural Sector
   • Increase Trade Opportunities
   • Prioritise Education
   • Peace & Political Stability