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Differentiate economic growth and economic development.
Economic growth is a raise into real GDP. GDP is only one dimension of development and therefore is a narrow measure of economic welfare.
Economic development is extensive and to do along with key aspects of human well-being. Generally economic development needs:
• Sustainable economic growth,
• A reduction of poverty, inequality and unemployment
• Enhancements in life expectancy, educational achievement, individual self esteem, expanding economic and social choice
• A decrement in fear of starvation and fear of ruin through one bad harvest.
when the income velocity of circulation (V) rises, why does the economy''s total output must rise?
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To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease.
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