Understanding economic process
Definition of economic process (economic growth) by G. Bannock, RE Baxter and R. Rees during a exceedingly|in a very} wordbook of social science may be a method that continues to be of the rise within the productive capability of an economy that is manifested within the kind of increase in value. in line with economic expert economic process ne'er through mclompat step down, however it's AN {evolutionary|organic method|biological process} process and area unit specific to every country. Therefore, economic process is a rise in production per capita proscs the continued from year to year in a very long amount of your time in a very country. economic process is alleged to extend once there's a rise in real gross national product of the previous year.
Definition of Economic Development
Growth and economic development area unit 2 sides of economic life is closely connected and influence one another. Economic development promote economic process, economic process otherwise expedite the method of economic development. economic process is a sign of the success of economic development. in line with Paul Strecten ideas of physical growth should be among a amendment of mind thus he over the necessity for economic development that embrace the subsequent.
a. Growth may be a tangible physical reality within the kind of production and revenue.
b. Changes within the means of thinking that looks to alter social establishments, administration, attitudes, and culture.
According to economic expert, supported his observations in developed countries, he over that any method of economic development there'll be 3 signs, namely
a. Production, each in amount and sort perpetually increasing.
b. Technology is continually evolving.
c. in order that it becomes a component of economic development which might not be separated from the expansion of technology, institutional changes required ideology and perspective to life.
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