Give the different phases of economic development. How can it
change your point of view as a student particularly in the field of business? Explain in 1 to
2 sentences only. Write your answer in the space provided.
Answers
Answer:
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]
Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.[3]
Explanation:
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Phases of Economic Development
Economic Development includes all the programs, policies, or developmental activities that aim to improve the economic and financial betterment and quality of life for the whole community.
There are commonly five phases of economic development all of them using Rowstows's five stages of economic growth :
1.) Traditional Society Approach - It is an aspect that covers and deals with the Agricultural economy.
2.) Preconditions for Take-Off Phase- In this stage there was a transition to the mechanization of agriculture.
3.)Take-Off Stage- It is the phase in which the Industrialization of the economy takes place and leads to the ultimate way of development.
4.) Drive to Maturity - This is the phase of economic development in which the economy is industrialized.
5.) Age of Mass Consumption - In this phase in which consumer expenditures increase especially unnecessary products.
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