Development

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Economic development means economic growth, plus changes. So, for economic development to occur there must be not only an increase in the GDP, but also change. Economic growth is the increased ability of countries' economy to satisfy the needs and wants of its population overtime. Production Possibility Curve Consumer good/Capital Goods Explain the curve (PPC is Economy's current, PPC¹ is when it experiences growth) However this is only one part of Economic Development. Change + …

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showed last 75 words of 1099 total
…for an entrepreneur to obtain funds. The majority of the people though are situated well away from businesses…in the world of low-income agriculture à their traditional way of life. Some times, the would be entrepreneurs are despised. Eg/ In Uganda, Idi Amin got rid of the Indian middle class and most of their entrepreneurs; In Malaysia, Chinese always get the second preference. In Fiji, ethnic Indians were given fewer opportunities in the past. ------------------------------------------------------------------------ **Bibliography**