Economic Growth and Development
The study of factors that increase the productivity and output of an economy, focusing on capital accumulation and technological advancements.
What is Economic Growth Theory
The extent to which individuals can engage in voluntary transactions without government interference.
What is Market Freedom?
Investment made by a firm or individual in one country into business interests located in another country.
What is Foreign Direct Investment (FDI)?
An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
What is the World Bank?
The stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
What is Human Capital?
The process of increasing assets that can be used to produce goods or services.
What is Capital Accumulation?
The legal rights to use, control, and derive benefits from a resource or property.
What are Property Rights?
Investment in securities that does not result in direct management control of the companies.
What is a Portfolio Investment?
An organization of 190 countries, working to foster global monetary cooperation and financial stability.
What is the International Monetary Fund (IMF)?
Laws and rules governing the behavior of businesses, individuals, and other entities.
What is Regulation?
The increase in the variety and quality of technology available.
What is Technological Growth?
Nations with social or business activity in the process of rapid growth and industrialization.
What are Emerging Market Countries?
The total savings of an economy, which is the sum of private and public savings.
What is National Saving?
The annual percentage increase in the value of all goods and services produced within a nation.
What is the GDP Growth Rate?
Statutory laws established to protect the freedoms and rights of individuals and organizations.
What are Legal Rights?
The measure of how efficiently inputs are converted into outputs.
What is Productivity?
A sovereign state that has a highly advanced economy and advanced technological infrastructure.
What is a Developed Country?
A ratio of total capital available to the number of workers.
What is Capital per Worker?
Economic activities that occur outside of government-regulated markets.
What is the Informal Economy?
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain constant.
What is Diminishing Returns to Capital?
The theory that poorer economies will tend to grow faster than richer ones and thus converge in terms of income per capita.
What is the Catch-Up Effect?
A nation with a less developed industrial base and a low Human Development Index relative to other countries.
What is a Developing Country?
The act of allocating resources, usually money, to generate income or profit.
What is Investment?
The process by which a nation improves the economic, political, and social well-being of its people.
What is Economic Development?
The average income earned per person in a given area in a specified year. It is used to measure the standard of living and economic well-being of a population.
What is Income Per Capita?