Sustainable Development and Economic Development: Development Economics

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What is Sustainable Development?

  • Definition: Development that meets the needs of the present generation without compromising the needs of future generations.
  • Bridges gap between: Economic progress save resources and reducing polluting factors.

2 key concepts:

  • needs and
  • limitations
Sustainable Development

Objectives of Sustainable Development

  • Improving the quality of life
  • Increase in economic growth
  • Public participation
  • Maintenance of natural resources

Economic Development

  • growth of the standard of living of people of a country from a low-income (poor) economy to a high-income (rich) economy
  • Qualitative in nature
  • Broader concept than economic growth
  • An improvement in economic welfare through higher real incomes, improved literacy, better infrastructure, reduced poverty, and better health care, etc.

Indicators of Economic Development

  • HDI
  • Life expectancy
  • Adult literacy
  • GDP per capita
Indicators of Economic Development

Factors Affecting Economic Development

  • Level of infrastructure
  • Education level
  • Level of saving
  • Level of inward investment
  • Political stability
  • Law and order
  • Macroeconomic stability
  • Natural resources
  • Tax rates
  • Trade barriers

MCQs

Q 1 - Economic growth is a broader concept than economic development. Choose the correct option regarding this statement.

a) True

b) False

c) it՚s the same

d) Varies from country to country

Answer – b) False

Q 2 – What is sustainable development?

a) The development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

b) To conserve natural resources and to develop alternate sources of power while reducing pollution and harm to the environment.

c) It is the practice of developing land and construction projects in a manner that reduces their impact on the environment by allowing them to create energy efficient models of self-sufficiency.

d) All of the above

Answer – D)

Q 3 – Which is of the following is not a component of HDI?

a) Life expectancy at birth

b) Standard of living

c) Mean population growth

d) Years of schooling

Answer – c)

Q 4 – What are the 3 spheres of sustainable development?

a) Economic, political, social

b) Economic, sociological, environmental

c) Economic, social, environmental

d) Social, sociological, environmental

Answer – c)

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