Learn about: • differences between economic growth and economic development • distribution of income and wealth • income and quality of life indicators • developing economies, emerging economies, advanced economies • reasons for differences between nations • effects of globalisation • trade, investment and transnational corporations • environmental sustainability • the international business cycle.
Watch the clip, "What is Economic Growth?" to understand there are many ways that growth and development can be promoted in developing countries.
Investment in tourism and other services
Removal of subsidies
Policies to attract inward investment
Greater role for the price mechanism in allocating resources
Measures to increase incomes and savings
State investment in welfare systems
Use this handout to develop your writing using content knowledge about economic development.