ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
CONTENT
- Definition of Economic Development
- Definition of Economic Growth
- Differences between Economic Growth and Economic Development
- Characteristics or Features of Under-developed Economy
- Factors which Influence Economic Development
- Problems of Economic Development in Nigeria
- Elements of Development Planning
Definition of Economic Development
Economic development may be defined as the process whereby the level of national production i.e. national income or per capita income increases over a period of time. Economic development is not the same thing as industrialization and national development. With economic development, there are structural transformations in the different sectors of the economy as well as general improvements in various areas of economic activity leading to increased economic welfare of the citizens.
Definition of Economic Growth
Economic growth is the process by which national income or output is increased. An economy is said to be growing if there is a sustained increase in the actual output of goods and services per head. Economic growth implies more output per head as a result of more input and more efficiency.
- NEW: Download the entire term's content in MS Word document format (1-year plan only)
- The complete lesson note and evaluation questions for this topic
- The complete lessons for the subject and class (First Term, Second Term & Third Term)
- Media-rich, interactive and gamified content
- End-of-lesson objective questions with detailed explanations to force mastery of content
- Simulated termly preparatory examination questions
- Discussion boards on all lessons and subjects
- Guaranteed learning
Toyyib Ibrahim
Halima Ahmadu
Maryam