ECN 004—9-7-2021 (Online Discussion Quiz 1—-Growth, Development and Standard of Living)

1.Concept of Economic Growth: Economic Growth is the process by which national income or output is increased. It therefore measures increase in real national income and national output during a given period of time usually a year. For example, if the national income in 1950 is 50million and 70million in 1951,the growth rate in monetary terms is 20%. Assuming at that period,the price level increased by 15%, the growth rate of the economy in real terms is 20%-15%=5%.
2.Concept of Economic Development: This means an improvement in the quality of life and living standards of the people. Therefore, Economic development is a broader concept than Economic Growth.
3. Standard of Living: This refers to an extent to which individuals, families,socio-economic class or a certain geographical area can satisfy their wants through the necessity available wealth, comfort, material goods and services.
4.How does standard of Living compare countries and geographical boundaries? Standard of Living is a comparison tool used when describing two different geographical area. Its metrics may include things like wealth levels, comfort, goods and services.
5. What are the measures of standard of Living?
i ).Human Development Index
ii ). Satisfaction with Life Index
iii ).Real G.D.P
iv ). Gross National Income per capita.
6. What are the differences between Standard of Living and Quality of Life?.
i ). Standard of living measures the wealth of material satisfaction of the citizens while Quality of Life is a subjective term that measures the happiness of the citizens
iii ) Differences in access to health care and education
iii ). Differences in environment and human rights
iv ). Differences in psychological factors (how people feel about their lives).

Abah happiness Cecilia
UNN/j20/mgtsc/037
1. What Is Economic Growth?
Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.

2. Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people.
3. WHAT IS STANDARD OF LIVING?
Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.
4 . Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living. GDP measures all transactions within a country’s boundary, while GNI includes those who live abroad.
5. The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.
6. Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.
In economics, growth is commonly modeled as a function of physical capital, human capital, labor force, and technology. Simply put, increasing the quantity or quality of the working age population, the tools that they have to work with, and the recipes that they have available to combine labor, capital, and raw materials, will lead to increased economic output.
There are a few ways to generate economic growth.
1. INCREASE IN THE AMOUNT OF PHYSICAL CAPITAL :Adding capital to the economy tends to increase productivity of labor. Newer, better, and more tools mean that workers can produce more output per time period.
2.TECHNOLOGICAL IMPROVEMENT: Improved technology allows workers to produce more output with the same stock of capital goods, by combining them in novel ways that are more productive. Like capital growth, the rate of technical growth is highly dependent on the rate of savings and investment, since savings and investment are necessary to engage in research and development.
3. GROWTH IN LABOUR FORCE: Increasing the labor force also necessarily increases the amount of output that must be consumed in order to provide for the basic subsistence of the new workers, so the new workers need to be at least productive enough to offset this and not be net consumers. Also just like additions to capital, it is important for the right type of workers to flow to the right jobs in the right places in combination with the right types of complementary capital goods in order to realize their productive potential.
4.INCREASE IN HUMAN CAPITAL: This means laborers become more skilled at their crafts, raising their productivity through skills training, trial and error, or simply more practice. Savings, investment, and specialization are the most consistent and easily controlled methods. Human capital in this context can also refer to social and institutional capital; behavioral tendencies toward higher social trust and reciprocity and political or economic innovations like improved protections for property rights are in effect types of human capital that can increase the productivity of the economy.

Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.
They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
TYPES OF DEVELOPMENT ECONOMICS
1.MERCANTILISM:
Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.
Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.
2.ECONOMIC NATIONALISM:
Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor.
Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries.
3.LINEAR STAGES OF GROWTH MODEL:
The linear stages of growth model was used to revitalize the European economy after World War II.
This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.
The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.
4.STRUCTURAL-CHANGE THEORY:
The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one.

Standard of living refers to the necessaries, comforts and luxuries which a person is accustomed to enjoy.
In other words, standard of living of the people means the quantity and quality of their consumption.
The standard of living of a person is not determined only by himself or according to his own whims and desires. He has also to consider what society expects of him. It is thus a compromise between what he himself likes and what the society expects.
A distinction is sometimes made between standard of living and standard of life. Standard of living , refers to our usual scale of expenditure, the goods we consume and the services we enjoy, our attitudes and values. Standard of life is a much wider term. It refers to one’s ideals in life. It includes a person’s expenditure on his non-material requirements. “Simple living and high thinking” is a common axiom. “Simple living” hints at a low standard of living, but “high thinking” refers to a high standard of life. Mahatma Gandhi had a low standard of living but a high standard of life.
FACTORS DETERMINING STANDARD OF LIVING IN A COUNTRY:
A major objective of the government of a country is to provide good living to i s people. But different countries of the world provide different levels of living to their people. In fact, there are marked inequalities in the standards of living of the people in different countries of the world. On the one hand, there are advanced countries like the U.K., the U.S.A., Canada and the countries of Western Europe where standards of living are very high. Therefore, these countries have been called affluent societies.
On the other hand, there are under-developed countries like India, Pakistan, China, Burma, etc., where standard of living of the people is extremely low. The extent of differences in the levels of living between the U.S.A. and India can be known from the comparison of per capita income in both countries as it is the per capita income on which the standard of living of a people primarily depends. According to the latest 1984 World Development Report, the per capita income of the U.S.A. is 3.16 dollars, while in India the per capita income is only 260 U.S. dollars, i.e. one fiftieth of that of the U.S.A.
The following are the main factors on which the standard of living in a country depends:
1.LEVEL OF NATIONAL INCOME OR OUTPUT:
The fundamental reason for the differences in the levels of living between different countries is the difference in their levels of national income. The level of national income depends upon the total volume of production in the country. Those countries having higher national income or output enjoy higher standard of living, while the countries having lower national income or output have lower standard of living. The main reason why standard of living is much higher in the U.S.A. than in India is that the level of national output in the U.S.A. is much higher than that in India.
2.LEVEL OF PRODUCTIVITY:
The total amount of goods and services which a country is able to produce, and hence the standard of living it can provide to its people, depends upon the levels of productivity in different branches of economic activity such as agriculture, industry, transport, etc. The higher the productivity per person engaged in agriculture, industry, etc., the higher will be the national output and the standard 01 living of the people. Difference in productivity is the major cause of differences in standards of living between different countries.
In advanced countries, a farmer or a worker works with greater amount of capital equipment like machinery in a productive process. Developed countries have highly mechanized their processes of production. On the other hand, in under-developed countries, farmers in agriculture and workers in factories work with small capital equipment.
Moreover, in developed economies not only capital per head is greater but the techniques of production used are much superior to those employed in under-developed countries. In other words, developed countries make use of advanced technology in the production of goods and services, while the under-developed countries are technologically backward. No wonder that productivity per person engaged in under-developed countries is much lower than that in advanced countries.
3.TERMS OF TRADE:
Another factor which accounts for the differences in the levels of living between different countries is the rate of exchange between goods exported and goods imported. The rate of exchange between exports and imports is called the terms of trade. The terms of trade show how much of the goods a country imports can be obtained by a unit of the goods it exports. The terms of trade can be measured by taking the ratio of price-level of its exports to the price-level of its imports.
Likewise, the average standard of living in a country depends not only on the physical productivities of its people but also on the prices of goods it exports and the prices of goods it imports (i.e., terms of trade). If the terms of trade are more favorable for a country, it can import comparatively larger amount of goods for a given amount of exports and hence its standard of living will be higher.
4.SIZE OF POPULATION:
Still another important factor which determines the standard of living of the people of a country is the size of its population. Given the total national income or output of a country, the greater the size of its population, the lower will be its average standard of living. It is the per capita income which in fact determines the average standard of living in a country.
The per capita income of a country is determined by the total national income and the size of its population. Thus, the difference in the size of population also accounts for the difference in the standards of living between people of different countries.
The higher standard of living of the American people is due not only to the higher level of national income and productivity but also to the comparatively smaller size of American population. The standard of living in India is low due both to the lower level of national income and to the larger size of its population.
5.DISTRIBUTION OF NATIONAL INCOME:
Another determinant of the standard of living of the people of a country is the distribution of national income among the population. If there is large inequality in the distribution of income, then the standard of living of a few rich people will be very high, while the standard of living of the masses of the people will be extremely low.
Even per capita income of a country does not indicate the true picture about the standard of living in general, because per capita income of a country is after all an average income. Some people may enjoy income much higher than this and the majority may be getting much lower than this.
6.GENERAL PRICE LEVEL:
Another factor determining the standard of living of a people is the general price level in the century. Given the national income, the standard of living of the people will be lower when the price at high and higher when the prices are low. Different price levels prevail in different counties. This also accounts for the differences in standards of living of the people between different countries. Other things being equal, if the price level in country A is higher than in B, the standard of living will be lower in A than in B.
7.LEVEL OF EDUCATION:
Another factor responsible for the differences in standards of living is the difference in the level of education. Educated people tend to have higher standard of living than the uneducated. You cannot expect a higher living standard from the illiterate and ignorant people. Even if the illiterate and uneducated people happen to have large incomes, they would either hoard them or squander them in useless social ceremonies or by indulging in evil habits such as drinking, gambling, etc.
FACTORS
DETERMINING INDIVIDUAL STANDARD OF LIVING
1.INCOME:
The most important factor on which the standard of living of a person depends is his income. The amount of necessaries, comforts and luxuries which one enjoys are very largely governed by his income. A poor man’s standard must be very low and that of a millionaire very high. In this monetized world, it is the purchasing power or earning power of a person which would determine his standard of living.
2. SIZE OF THE FAMILY:
Coupled with a person’s income is the size of the family which determines has standard of living, it a man has a large family, the family income will be thinly spread over the family and the standard of living will be lowered. Other things being equal, the scanner the size of the family, the higher is likely to be the standard of living. This underlines the importance of family planning.
3.FAMILY TRADITION:
A person inherits a certain standard of living from his parents. In most cases, such a standard of living will be maintained somehow. Departure from the traditional standard of the family is not easy.
4.EDUCATION TASTES AND TEMPERAMENT:
A person’s standard of living is also affected by his education, personal tastes and temperament. These factors would modify the standard that a person may have inherited from his family. He makes every effort to maintain it or improve upon it
5.SOCIAL CUSTOMS AND CONVENTION:
They are also bound to affect a person’s standard of living, since he lives in a society and normally follows the norms and practices obtaining in it. For reasons of his own and his family izzat (honour), he does not like to lag behind in observing such norms and conventions in social ceremonies like marriages.
6.GENERAL PRICE LEVEL:
For determining a person’s or a family’s standard of living, it is not enough to take into account only his money income, but what the income is capable of buying in terms of goods and services, i.e., person’s real income is more important for this purpose. That depends largely on the price level, particularly that of the goods and services which enter into that person’s consumption.

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1. Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimated and such AS GDP.
2. Economic development means different things to different people.
3. Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas- or more objective characteristics-whereas quality of life is more subjective and intengible, such as personal liberty or environmental quality.
4. GDP measures all transactions within a country’s boundary, while GNI includes those who live abroad.
5. The standard of living can be measured by things that are easily quantified, such as income, employment, opportunities, cost of goods and services, and poverty.
6. Differences between standard and quality is that standard is falling within an accepted range of size, amount, power and quality etc. The quality of life is the standard of wealth, comfort, and happiness experienced by an individual or group.

1): DISCUSS THE CONCEPT OF ECONOMIC GROWTH

What Is Economic Growth?

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.

2): DISCUSS THE CONCEPT OF ECONOMIC DEVELOPMENT

What is Economic Development?

Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. Today’s economic development professionals are trying harder than ever to define their field in terms that are more concrete and salient to policymakers, the public, and other professionals. There are probably as many definitions for economic development as there are people who practice it. Below is CALED’s definition as published in the Economic Development Handbook:

From a public perspective, local economic development involves the allocation of limited resources – land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns, and fiscal solvency.

It is a process of deliberate intervention in the normal economic growth by making it easier or more attractive. Today, communities in California are giving attention to what they can do to promote fiscal stability and greater economic development.

Economic development is a concerted effort on the part of the responsible governing body in a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth. Sustained economic growth can provide sufficient incomes for the local labor force, profitable business opportunities for employers and tax revenues for maintaining an infrastructure to support this continued growth. There is no alternative to private sector investment as the engine for economic growth, but there are many initiatives that you can support to encourage investments where the community feels they are needed the most.

It is important to know that economic development is not community development. Community development is a process for making a community a better place to live and work. Economic development is purely and simply the creation of wealth in which community benefits are created. There are only three approaches used to enhance local economic development. They are:

3): WHAT DO YOU UNDERSTAND BY STANDARD OF LIVING

standard of living

the degree of wealth and material comfort available to a person or community.
Understanding Standard of Living
Standard of living focuses on basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity. It is closely related to quality of life, which can also explore factors such as economic and political stability, political and religious freedom, environmental quality, climate, and safety.
Standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. Standard of living can also be used to compare distinct points in time.
For example, compared with a century ago, the standard of living in the United States has improved greatly. The same amount of work buys an increased quantity of goods, and items that were once luxuries, such as refrigerators and automobiles, are now widely available. Moreover, life expectancy has increased, and annual hours worked have decreased.23
In a narrow sense, economists frequently measure standard of living using GDP. Per capita GDP provides a quick, rough estimate of the total amount of goods and services available per person. While numerous, more complex, and nuanced metrics of standard of living have been devised, many of them correlate highly with per capita GDP.
Standard of living is generally measured using per capita GDP.
Standards of living are usually higher in developed countries. In fact, basic measures of standard of living, such as per capita GDP, are often used to define the differences between more and less developed countries. Emerging market economies usually see rising standards of living over time as they grow and develop into modern, industrialized economies.

4): HOW DOES STANDARD OF LIVING COMPARE COUNTRIES AND GEOGRAPHICAL BOUNDARIES

Factors Determining Standard of Living in a Country?

major objective of the government of a country is to provide good living to i s people. But different countries of the world provide different levels of living to their people. In fact, there are marked inequalities in the standards of living of the people in different countries of the world. On the one hand, there are advanced countries like the U.K., the U.S.A., Canada and the countries of Western Europe where standards of living are very high. Therefore, these countries have been called affluent societies.
On the other hand, there are under-developed countries like India, Pakistan, China, Burma, etc., where standard of living of the people is extremely low. The extent of differences in the levels of living between the U.S.A. and India can be known from the comparison of per capita income in both countries as it is the per capita income on which the standard of living of a people primarily depends. According to the latest 1984 World Development Report, the per capita income of the U.S.A. is 3.16 dollars, while in India the per capita income is only 260 U.S. dollars, i.e. one fiftieth of that of the U.S.A

5): WHAT ARE THE MEASURE OF STANDARD OF LIVING

Other factors commonly associated with the standard of living include:

I): Class disparity
II): Poverty rate
III): Quality and affordability of housing
IV): Hours of work required to purchase necessities
V): Gross domestic product (GDP)
VI): Affordable access to quality healthcare
VII): Quality and availability of education
VIII): Incidence of disease
IX): Infrastructure
X): National economic growth
XI): Economic and political stability
XII): Political and religious freedom
XIII): Environmental quality
XIV): Climate
XV): Safety

6) WHAT ARE THE DIFFERENCES BETWEEN STANDARD OF LIVING AND QUALITY OF LIFE

STANDARD OF LIVING

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
QUALITY OF LIFE

Quality of life, on the other hand, is a subjective term that can measure happiness.
The two terms are often confused because there may be some perceived overlap in how they are defined. But knowing the different nuances of each can affect how you evaluate a country where you might be looking to invest some money.

1) discuss the concept of economic growth: economic growth can be simply defined as the increase in the amount of economic goods and services produced In an economy compared from one period of time to another. It can be seen as the increase in amount of goods and services produced and the national income in an economy such as : Gross Domestic Product (GDP), Gross National Income (GNI), etc it is sustained more than two (2) years. it is simply concerned about the increase in the national income and production of goods and services in an economy over a period of time in an economy of a country.

2) discuss the concept of economic development: Economic development can be defined as the overall progress of the economy of the country. Economic development measures the well-being of the people, health, education and all monetary terms such as GDP of a country. Economic development is a necessary and sufficient condition for improvement of standard of living and the industries income, etc.

3) what do you understand by standard of living: Standard of living can be seen as level or degree of wealth, comfort, material goods available to a person in a community. Standard of living measures the material welfare of the citizens of a geographical area or region.

4) How does standard of living compares countries and geographical boundaries: The difference of standard of living of different is their level of national income, real GDP per capita (within the country’s boundary) Gross National Income (includes those who live abroad)
e.g USA has high level of national output than India i.e USA standard of living is higher than that of India.

5) What are the measures of standard of living: Standard of living is the amount of goods and services available to purchase in a country. Real GDP per capita and Gross National Income per capita are the two most common ways to measure the standard of living.

6) What are the difference between standard of living and quality of life: STANDARD OF LIVING is the degree or level of comfort, wealth and material goods and necessities available in a socioeconomic geographical area while QUALITY OF LIFE is the standard of wealth, comfort, safety and happiness experience by an individual.

1: Economic growth is simply an increase in the production of goods and services in an economy. … Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimates such as GDP.

2: In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

3: the degree of wealth and material comfort available to a person or community.

4: comparison between country A and country B in your example by calculating the growth rate of output (GDP) on a per capita, or per person, basis. Per capita output is a more meaningful measure for comparing the standard of living of different countries.

5: Yet there is a generally accepted measure for standard of living: average real gross domestic product (GDP) per capita. Let’s break it down piece by piece: GDP measures annual economic output the total value of new goods and services produced within a country’s borders. Real GDP is the inflation-adjusted value.

6: Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.

1: Discuss the Concept of Economic Growth:

Economic development thinks about an increment underway in the total economy. It’s anything but a unit part of financial turn of events. It is a gross homegrown items that actions financial government assistance that doesn’t consider of significant none monetary asspect eg instruction, wellbeing and so forth Analysts customarily measure such development as the percent pace of expansion in genuine total national output, or genuine Gross domestic product.

2: Discuss the Concept of Economic Development:

Economic development can simply be defined as an increase GDP and the standard of increase of every individual in the society. It considers the increase in economic growth and every other factor involved in a good standard of living like education, health, household, income, e.t.c.

3: What do you understand by Standard of Living?

Standard of living/life is seen as the degree of wealth, solace, material, goods and necessecities accessible to a specific geological region.

4: How does standard of Living Compare countries and geographical boundaries?

The standard of living is used to compare geographical area, for example, the standard of living in Nigeria vs standard of living in London. Factors like level of quality of housing , education, health-care, crime rates, accident rate etc., can be used as factors to compare two countries or geographical regions.

5: What are the measures of Standard of Living?

The factors use in measuring the standard of living are:
•Quality and availability of housing,
•Level of education,
•Crime rate,
•Household income,
•Employment rate,
•Life expectancy rate,
•Political and social freedom,
•Access to social facilities or amenities,
•Cost of goods and services,
•Poverty rate.

6: What are the differences between Standard of Living and Quality of Life?

•Standard of living measures only material possession while quality of life is more than just possessions.

•Standard of living has assess to health care and education while quality of life also include environment, human right, psychological factor ( how people feel about their life).

•Standard of living are measured through luxurious items while quality of life has no universal objective measures use to capture all quality of life.

ECONOMIC GROWTH: is a narrower concept than economics development.it is a gross domestic products that measures economic welfare that does not take into account of important none economic asspect eg education, health etc

ECONOMIC DEVELOPMENT:is a broker concept, it involves steady decline in agriculture shares of industries, trade , banking, service.

What I understand by standard of living!
Standard of living is the level of wealth, comfort, material,goods and necessecities available to a certain geographical area.

The standard of living is used to compare geographical area eg the standard of living in Nigeria vs standard of living in America
It can be compared according to their Age, weather,climent etc

1. Household income
2. Level of crime
3. Political freedom
4.health care etc

The difference between standard of living and quality of life

Standard of living
1. Material possession
2.access to healthcare and education
3. Luxury items
Quality of life
1. More than just possession
2.environment, human rights and physiological factors