Namely, economic development is a slightly broader concept and concerns qualitative. Unmeasurable changes that improve People who the quality of life. In turn, economic growth refers to quantitative values. The most frequently us measur is Gross Domestic Product GDP . Its value depends on the demand for goods and services. As well as the supply and effectiveness of production factors including labor, human capital, technological progress. Types of economic growth We can distinguish several types of economic growth, which we divide into extensive. Is caus by increasing technological knowlge and capital expenditure on employees.
As well as People who allocating resources
To more effective industries Intensive – occurs along with innovations. Usually associat with extensive growth, its results are long-term and herald a significant increase. In the ability to produce goods and services; stabiliz – means a constant, uniform philippines photo editor increase in the GDP indicator and full use of production factors; unstable – unevenness in the development of the GDP indicator, which in turn generates costs, waste , higher unemployment, reluctance to invest; Sustainable – we talk about it when the economic conditions of a country are approaching or already in a state of balance. The state of balance is consider to be, for example.
Equalization of demand and supply
Comprehensive economic development including agriculture, services, tourism, tourism, infrastructure, etc.; unsustainable – this is the opposite situation to the above, the GDP value is increasing, but there is no uniform development in individual sectors. What are CY Lists the limits to economic growth? A high GDP per capita is usually a desirable phenomenon because it indicates a good economic situation and the enrichment of society. However, achieving and maintaining it at this level is not easy, due to many barriers and limits to economic growth that make it impossible. These include Unfavorable demography.