EC207 Final: Final Exam Notes

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A process of growth through a series of progressive changes. A gradual unfolding process by which any thing is developed. An act of improving by expanding or enlarging or refining. A process in which something passes by degrees to a advanced stage. It is the study of how an economy allocates its scarce resources: economics is the science of choice. When you use economic principles to study this process of gradual advancement in a developing country, you are studying economic. The most difficult discipline in economics to teach and practice. It is a field of study devoted to understanding economic experience of developing countries. A developing country contains: low standard of living, low per capita income, low level of health and nutrition, low level of education, poverty, income inequality, loss of freedom and social injustice. Economic development: bringing change to the lives of the people from low levels to high levels of development.

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