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Flashcards by samstevenson2014, updated more than 1 year ago
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| Question | Answer |
| Define economic growth | An increase in GNP per capita |
| List 3 advantages to economic growth | Better standard of living. Greater freedom and choice. More employment. Increased opportunity for enterprise. Reduced poverty. Emigrants have the chance to return home. |
| List 3 disadvantages to economic growth | Damage to environment. Creates a materialistic society. Unequal benefits (economic dualism). Money cannot buy happiness, it can only make things possible. |
| Define economic development | An increase in GNP per capita, resulting in a fundamental change in the structure of society |
| List 3 "fundamental changes" in society | Changes in farming methods A movement from rural to urban areas Change in type of work |
| What is the name of the economist who came up with stages of growth? | W.W Rostow |
| State and explain the first stage of Economic Growth (Initial state) | "Traditional Society" (Low output per worker) (Poor infrastructure) (Self-sufficient-little im/exports) |
| State and explain the second stage of Economic Growth (Aspirations) | The Preconditions for Take-Off (Desire to emulate affluent societies) (Culture becomes more hopeful of change) (Industrialisation begins) |
| State and explain the third stage of Economic Growth (Happening) | The Take-Off (Greater applic. of technology in farming) (Incomes rise, consumer demand rises too) (Economic growth becomes self-sustaining) |
| State and explain the fourth stage of Economic Growth (Furthering) | The Drive to Maturity (Continued rise in investments) (Continued urbanisation) (Gov. expands public sectors and social welfare) |
| State and explain the fifth stage of Economic Growth (The top) | The Age of Mass Consumption (High income per capita) (Expansion of suburbs) (Development in electronic infrastructure) |
| List 3 problems with Rostow's theory | Development rarely follows such a clear path. Each country's problems are unique. Investment doesn't have to come from within a country. Countries often progress then stagnate. |
| Define a LDC | A country that shows the lowest indicator of socioeconomic development. |
| In an LDC, income per person is... | Low |
| Population growth in LDCs is... | Rapid |
| Who owns the majority of the wealth in an LDC? What is this known as? | A small ruling elite (Economic dualism) |
| What should governments of LDCS prioritise for economic growth? | Education |
| What is essential for economic growth to take place? | Peace & Political Stability |
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