Asked by Konner Powers on Jul 15, 2024
Verified
Economic growth guarantees economic development.
Economic Growth
An increase in the production of goods and services in an economy over a period of time, often measured by GDP.
Economic Development
The approach a nation takes to boost the economic, political, and social welfare of its inhabitants.
- Elucidate the influence of capital accessibility on the productivity of labor and economic development.
Verified Answer
LG
LARRY GBADEBOJul 20, 2024
Final Answer :
False
Explanation :
Economic growth, which refers to an increase in a country's output or income, does not automatically guarantee economic development, which is a broader concept encompassing improvements in living standards, reduction in poverty, and enhancement of health and education. Economic development involves qualitative changes in the economy, including social and environmental aspects, not just quantitative growth.
Learning Objectives
- Elucidate the influence of capital accessibility on the productivity of labor and economic development.