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Economic Growth and Development - Coggle Diagram
Economic Growth and Development
Economic Development
Causes an increase in living standards
Longer life expectancy and living standards
Healthier lives and lower mortality rates
Reducing levels of poverty: More job opportunities and better socio-economic status
Reduced income inequalities
Measures for economic development
Infant mortality rates
Income per capita
Poverty rates
Life expectancy
The Human Development Index (HDI)
Economic Growth
Economic growth is the increase in real GDP (increased value of goods and services)
Ways of Achieving Economic Growth
Lower interest rates
Higher global growth
Increased real wages / income
Increasing aggregate supply (government supply side policies)
Better allocation of resources (Shifting PPC)
Achieved by supply side policies
Reduction in living standards
Exploiting human labour / natural resources