economic growth

Distinguish between economic development and economic growth. Explain factors influencing economic development.

Leave a Comment / MDV-103 /

Introduction Economic development and economic growth are two interrelated yet distinct concepts in the field of economics and development studies. While they are often used interchangeably, they differ in scope, focus, and impact on society. Understanding the difference between the two is essential for planning and evaluating a country’s progress. Economic Growth vs. Economic Development […]

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Critically discuss Solow’s growth model.

Leave a Comment / MDV-101 /

Introduction Solow’s growth model, also known as the Solow-Swan model, is a foundational economic theory that explains long-term economic growth by analyzing capital accumulation, labor or population growth, and technological progress. Developed by Robert Solow and Trevor Swan in the 1950s, the model attempts to show how these factors influence an economy’s output over time.

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Describe the major differences between ‘economic growth’ and ‘economic development’.

Leave a Comment / MDE-417 /

Introduction In economics, the terms ‘economic growth’ and ‘economic development’ are often used interchangeably, but they have different meanings and implications. While both are related to the progress of a country, their scope, measurement, and impact vary significantly. In the context of distance education and national planning, understanding these two concepts helps in aligning educational

Describe the major differences between ‘economic growth’ and ‘economic development’. Read More »

Identify the barriers coming on the way of growth of the services sector in India? Which steps would you like to suggest to overcome these barriers?

Leave a Comment / MEC-205 /

Introduction The services sector in India has emerged as a key driver of economic growth, contributing over 50% to the GDP and employing a large segment of the urban population. However, despite its impressive performance in areas like IT, telecommunications, banking, and tourism, the sector faces several barriers that hinder its potential for inclusive and

Identify the barriers coming on the way of growth of the services sector in India? Which steps would you like to suggest to overcome these barriers? Read More »

Distinguish between economic growth and economic Development. Explain with illustration how economic development is a better measure of economic welfare.

Leave a Comment / MEC-205 /

Introduction Economic growth and economic development are two important but distinct concepts in economics. While both relate to improvements in the economy, they differ in scope, measurement, and impact on people’s lives. This answer will explain the difference between the two and illustrate why economic development is a more comprehensive and better measure of economic

Distinguish between economic growth and economic Development. Explain with illustration how economic development is a better measure of economic welfare. Read More »

Discuss the relationship between income inequality and economic growth.

Leave a Comment / MEC-104 /

Introduction The relationship between income inequality and economic growth has long been debated among economists, policymakers, and development experts. While some believe that a certain level of inequality can encourage innovation and investment, others argue that excessive inequality harms sustainable growth. This answer explores both sides of the argument and highlights recent findings on how

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Distinguish between economic growth and development. Briefly mention the main benefits that economic growth confers upon society.

Leave a Comment / MEC-104 /

Introduction In economics, the terms “economic growth” and “economic development” are often used interchangeably, but they represent different concepts. While growth refers to quantitative changes in an economy’s output, development encompasses qualitative changes that improve people’s living standards. This answer explores the key differences between these concepts and outlines the major benefits that economic growth

Distinguish between economic growth and development. Briefly mention the main benefits that economic growth confers upon society. Read More »

Explain how the Solow model differs from the Harrod-Domar model. Which of the two do you think is more relevant in describing the development process of developing nations?

Leave a Comment / MEC-104 /

Introduction Economic growth models provide frameworks to understand how economies expand over time. Two of the most prominent models in the theory of economic growth are the Harrod-Domar model and the Solow growth model. While both models aim to explain the process of economic growth, they differ significantly in assumptions, mechanisms, and implications. This answer

Explain how the Solow model differs from the Harrod-Domar model. Which of the two do you think is more relevant in describing the development process of developing nations? Read More »

Write short notes on the following: (a) Ecological Issues (b) Economic Grouth (c) Indication of Sickness (d) Foreign Direct Investment

Leave a Comment / ECO-13 Business Environment /

Short Notes (a) Ecological Issues Ecological issues refer to environmental problems that arise due to human activities and industrial development. These include pollution (air, water, soil), deforestation, climate change, loss of biodiversity, and depletion of natural resources. Businesses contribute to ecological issues through emissions, waste generation, and resource exploitation. Addressing these issues involves adopting sustainable

Write short notes on the following: (a) Ecological Issues (b) Economic Grouth (c) Indication of Sickness (d) Foreign Direct Investment Read More »

What is Modernization? Discuss the Various Perspectives on Modernization.

Leave a Comment / MSO-003 /

— What is Modernization? Modernization refers to the transformation of traditional societies into industrialized, urbanized, and rationalized ones. It is a process through which societies adopt advanced technologies, institutions, and cultural practices to achieve economic growth, social development, and political stability. Modernization is often associated with the Western model of development, emphasizing industrialization, secularization, and

What is Modernization? Discuss the Various Perspectives on Modernization. Read More »

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