Scribd Explore Sign Up | Log In inShare Embed Doc Copy Link Readcast Collections Comment Download ASSIGNMENT ONPAKISTAN

ECONOMY Course Instroctor:Mr Shahid Zaheer Roll No:59BSPA 3 rd Year5/27/2010 Page| 2 TABLE OF CONTENT Define the main majors of economic development INCREASE IN REAL GNP3 INCREASE IN REAL PER CAPITA INCOME3 RISE IN OVERALL WELLBEING OF THE PEOPLE.3 BASIC NEEDS APPROACH.3 HUMAN DEVELOPMENT INDEX..3

Define economic growth and economic development? ECONOMIC GROWTH..4ECONOMIC DEVELOPMENT Define economic growth and explain the benefits of economic growth?

ECONOMIC GROWTH..5B E N EFITS OF ECONOMIC GROWTH Define economic development and explain the benefits of development? ECONOMIC DEVELOPMENT5BENEFITS OF ECONOMIC DEVELOPMENT

Describe the characteristics of under-develop countries? GNP PER CAPITA..6CONSUMPTION OF WORDS OUTPUT, UNUTILI N,..7LIFE EXPECTANCY, SECONDARY SCHOOL ENROLLMENT,.7PERCENTAGE NESS OF THE PEOPLE, DEBTS...7SOCIAL OVER HEAD CAPITAL, INEQUALITY IN INCOMES, MA S,..8INFORMATION TECHNOLOGY..8 What are the determinant of economic development? ECONOMIC DEVELOPMEN, FACTORS OF DEVELOPMENT..8 NATURAL RESOURCES, CAPITAL FORMATION. .9HUMAN RESOURCES, . POWER,THE MEANS OF TRANSPORT AND COMMUNICATION..10EDUCATION AND TRAINING PROBLEM

OF HUMAN, CAPITAL FORMATION IN LDCS..11NON ECONOMIC FACTORS SOCIAL FACTORS, STRATIVE FACTOR12 What is meant by capital formation

CAPITAL FORMATION SOURCES OF CAPITAL FORMATION INDIVIDUALSAVINGS,BUSINESS SAVING S, GOVERNMENT SAVINGS, PUBLIC BORROWING,DISGUISEDUNEMPLOYMENT Describe the main obstacle to economic development in developing countries like Pakistan ..14 Page| 3 Q1. Define the main majors of economic development? Ans. There are number of measures which have been used to estimate the economic development of acountry of a country. These measures in brief are:a) INCREASE I N REAL GNP: Before 1970s economic development was regarded as an increase in real national product of a country over a long period of time. A long run expansion i n production was to beachieved by rapid industrialization of the country at the expense of agriculture and rural development. Thegrowth development at that time mainly meant the growth of material production. b) INCREASE IN REAL PER CAPITA INCOME: Another traditional measure of economic development was an increase in real per capita income of a country. It was consi dered at time that if the growth of income per capita increases over a long peri od of time, it would indicate that the country was movingtowards higher standard of living and achieving economic goals. The increase in real capita per income can be achieved if the nation has the ability to expand its output at a rate fas ter than the changes in price levelr = y/p where r = real income, y = money and p = price level.c) RISE IN OVERALL WELLBEING OF THE PEOPLE: According to this me asures, if the citizen of country are able to get and consume more goods and ser vice than before, people will be considered betteroff. The welfare of the people will rise. In the words of Okun and Richardson, economic development is asustain ed and secular improvement in the material well being which is reflected in incr ease in goods andservices.The basic defects with these definitions are that if a n increase in the goods and service produced have beencreated at the expense of too much hard work, or unequal distribution of wealth or at the expense of healt h, safety and comfort or at the expense of dignity etc.d) BASIC NEEDS APPROACH: it is also called physical quality of life. Approach uses only three indicatorsf or measuring economic development in a country. These indicators are (i) life ex pectancy and age (ii)infant mortality and (iii) literacy.The basic need approach is considered superior as it spells out in detail the human needs in terms of h ealth, nutrition, shelter and education etc. it is also devoid of the flaws whic h exist in per capita, GNPmeasure. However the approach is criticized on the gro und that it does not include security, justice andhuman rights which are importa nt measures of quality of life.e) HUMAN DEVELOPMENT INDEX: the modern economists are not satisfied with GNP, per capitaincome or national income as the principa l measures of economic progress. According to them the issue isnot only how much growth but what king of growth. They formulated human development index(HDI). There were number of measures whic h were included in this index. However to keep the HDIsimple and manageable the following main variables were included in it (a) life expectancy was chosen as a measure of long life (b) literacy as an index of knowledge and (c) real GDP per person.f) OTHER DIVERSE INDICATORS: In addition to real GDP per person, the mode rn economist measurethe level of countrys development from the following indicato rs1) The percentage of income originating from agriculture in GDP. The higher th e income originating fromagriculture, the less developed is the economy of a cou ntry.2) Per capita consumption of energy. The higher the per capita consumption energy, the more developed isthe industry and economy of the country.3) Percenta

ge of starches in total calories consumed. If there is high percentage of starch es consumed intotal calories consumed by the people, the economy will be conside red as underdeveloped.4) Degree of urbanization, high school enrolment ratio. If the ratio of school enrolment, the degree of urbanization and life expectancy i s rising in a country, they are considered to be positively related toeconomic d evelopment. Leave a Comment You must be logged in to leave a comment. Submit Characters: 400 Assignment on Pakistan Economy Download or Print 979 Reads Uploaded by Sabeen khalidi Follow TIP Press Ctrl-F to quickly search anywhere in the document. 19 p. My Scrap Book 1 p. Letter of Transmital 58 p. Contract Management Follow Us! scribd.com/scribd twitter.com/scribd facebook.com/scribd About Press Blog Partners Scribd 101 Web Stuff Support FAQ Developers / API Jobs Terms Copyright Privacy Copyright 2012 Scribd Inc. Language: English