Home > Management

Question: Define economic growth and development and thoroughly explain using examples, the impact of the global financial crisis on growth and development in the Caribbean. What are some of the measures that can be taken to stimulate growth and development in the region?

Answer: What is economic Growth and Development?
When we speak about economic growth, we speak in terms of how the real Gross National Product (GNP) / Gross Domestic Product (GDP) has grown over time (yearly), taking into consideration adjustments for inflation. It means also that we can introduce its opposite, that is – decline in economic growth (negative growth). Economic growth refers to an increase in a nation’s output per capita, or the nation’s standard of living. Growth is depicted graphically by an outward shift in the production possibilities frontier (curve) – which provides some insight into the necessary preconditions for growth. A production possibilities curve/frontier is drawn showing the maximum feasible output combinations from a given stack of factors of production. Growth can only result from a nation increasing its stack of the factors of production. Only when...(short extract)

To download the full answer, please Sign in or Register then make a payment or submit 3 of your essays.

  • Subject: Business and Management
  • Course: Management
  • Level: Degree
  • Year: 2nd/3rd
  • Mark: Not available
  • Words: 2538
  • Date submitted: January 08, 2019
  • Date written: April, 2014
  • References: No
  • Document type: Essay*
  • Essay ID: 8589

New customer?

Registering is fast
and easy

Welcome back

Easy access

  1. Register with us
  2. Pay for instant access
  3. Or submit 3 essays
    of your own for
    FREE access

Browse

Adobe Reader is required to access all coursework & essays. (pdf)
PayPal handles payments on our behalf. All major credit cards and currencies accepted.

A PayPal account is not nessesary.