1] Productivity per hectare of land Improving agricultural productivity is an essential part of economic development stragy. High economic development allows the countries to use their limited natural resources much more efficiently than the less developed countries. Therefore the efficiency…
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ECONOMIC GROWTH – DISTINCTION PCI – PCC
PER CAPITA INCOME [PCI] PER CAPITA CONSUMPTION [PCC] Definition – “Per capita income is the average income of a nation”. Definition – “Per capita consumption is the average consumption of a nation”. Per capita income determines the average standard of…
ECONOMIC GROWTH – INDICATORS
1] Gross Domestic Product [GDP] The term economic growth indicates quantity or size. It has a quantitative dimension, ie an increase in the size or quantity of output produced over a period of time. This is the GDP ie the…