SS3 First Term Economics Lesson Note – Economic Growth and Development

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WEEK 6

TOPIC:  Economic growth and Development

CONTENT:

• What is economic development
• Distinguish between economic growth and development
• Characteristics of underdeveloped economy
• Factors which influence economic development
• Problems of economic development in Nigeria
• Element of Development Planning
• Nigeria’s Personal Experience
• Importance of Economic Planning in National Development.

SUBTOPIC 1:  What is economic development?

Definition

Economic development may be defined as the process whereby the level of national production i.e. national income or per capita income increases over a period of time. Economic development is not the same thing as industrialization and national development. With economic development, there are structural transformations in the different sectors of the economy as well as general improvements in various areas of economic activity leading to increased economic welfare of the citizens.

ECONOMIC GROWTH

Definition

Economic growth is the process by which national income or output is increased. An economy is said to be growing if there is a sustained increase in the actual output of goods and services per head. Economic growth implies more output per head as a result of more input and more efficiency. Economic growth is a stepping stone to economic development. Without economic growth it will be difficult for a country to attain economic development.

Sub-topic:

Distinguish between economic growth and development

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