Economic Development and the History of Industrialization
Classified in Geography
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English with a size of 4.06 KB
Key Economic Concepts
Progress and Productivity
Progress is irreversible; it is a discovery over time that is always connected with improvement. Crises do not mean that capitalism no longer hopes for progress. The 1950s and 1960s were eras of consumerism, which is why the crisis of the 1970s occurred. Today, we are passing through a similar phase. The opposite of progress is reversion. In economic terms, these concepts are often refined through the lenses of development and progress.
Productivity is the process of producing goods and services. It is defined as the ratio between production and the factors used. It typically follows the law of diminishing or marginal returns.
Growth and Development
Growth is measured by GDP and gross income. While... Continue reading "Economic Development and the History of Industrialization" »