Difference between Economic Growth and Economic Development

Economics 515 AU11 Midterm 1 Review 1. Explain the difference between economic growth and economic development. Define extensive growth. Define intensive growth A) Economic growth is defined by increases in GDP. B) Whereas, economic development is more of a vague measure usually incorporating social measures such as literacy rates or life expectancy as a means of measuring a country s level of development. C) Extensive Growth, is based on the expansion of the quantity of inputs in order to increase the quantity of outputs D) Intensive Growth is based on the expansion of the quality of inputs 2. List 2 data sources researchers use to estimate historical standards of living and explain what they can†¦show more content†¦10. According to the Domar Model, what 3 things are incompatible simultaneously? Which two were present in the Manorial system? What are the three sections in the 3-Course Rotation? Why was this innovation necessary for growth during the middle ages? 11. Answer the following the questions regarding the model discussed in class in which a landlord and farmer could operate under 3 possible arrangements: fixed rent, fixed wage, or the Manorial System (shared inputs). Under a fixed rent contract: who bears the risks of a bad crop and reaps the benefits of a bumper crop? Characterize the incentive of a farmer to exert effort while working the fields. Under a fixed wage contract: who bears the risks of a bad crop and reaps the benefits of a bumper crop? Characterize the incentive of a farmer to exert effort while working the fields. Under a Manorial System: who bears the risks of a bad crop and reaps the benefits of a bumper crop? Characterize the incentive of a farmer to exert effort while working the fields. 12. How specifically were manorial lands allocated between the lord and serfs? What are the predominate explanations for this peculiar system of land distribution? Evaluate these explanations. 13. Explain (preferably using a graph) why the number of manors grew as the population increased in medieval Europe. What happened to wages and the prices of food andShow MoreRelated economic Essay1701 Words   |  7 Pages Globalisation - Economic Growth and Development and development indicators. â€Å"Outline the differences between economic growth and economic development. Discuss how economic development may be measured. Outline how globalisation may impact upon a nation’s development. Where appropriate make reference to a relevant case study.† Although economic growth and development are similar in meaning, they have some essential differences. 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