Explain why growth is not necessarily synonymous with development
What will be an ideal response?
Growth is not necessarily synonymous with development because it may be difficult to transform growing output into economic benefits that reach most of a nation's people. Growth measures changes in income, whereas development measures the increase in the well-being of a nation's citizens. Economic development covers factors such as health and education.
Economics
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What are the major issues that must be considered in measuring inputs for regression analysis of production functions?
What will be an ideal response?
Economics
Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?
Economics