Economics Notes: Economic Development
Economic Development – Changes in income, savings and investment along with progressive changes in socio-economic structure of country Economic Growth – Economic growth refers to an increase in the real output of goods and services in the country Globalization refers to the integration between different countries and economies to operate as a single CEO entity Can achieve CEO growth by CEO development How to achieve CEO Dave? Trade Patterns – What goods and services a country trades, with whom and what direction. Actually not that relevant China has emerged as an economic super-power.
This greatly improves the living standards for China. Factors attracting Tons to a country may include: cheap raw materials cheap labor supply good transport access to markets where the goods are sold friendly government policies Finance flows The movement of cash into or out of an account, a business or investment Cash flow is essential to the survival of the business. These businesses provide employment for the population Technology flows The movement of more updated technology into a country. Such as modern airports, aster trains and generally better infrastructure.
The development of better machinery to produce elaborately transformed manufactures. International labor movements the development of a collective organization of
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After introducing the open door policy , massive foreign direct investment flowed in and married with China’s cheap labor. Introducing Incentives – the Chinese central government has used both fiscal incentives and personnel police s to ensure that local governments use their financial empowerment to increased economic growth Introduced: Take the Household Responsibility System (HRS) – Individuals can posses remnants after fulfilling a quota, this lead to increase of production.
It alleviated tones of *Role of TONS Membership of free trade agreements China created a trade bloc with SEAN giving them a much larger market. CHINA after Joining WTFO – 2nd largest CEO in GAP terms 1st largest merchandise exporter 2nd largest merchandise importer 4th largest commercial services exporter 13th largest commercial services importer 1st destination for Inward FAD among developing countries 1st investor for outward FAD among developing countries Targeted industries
China is moving away from TFTP type goods and moving on towards elaborately manufactures goods in an attempt to make more profits. Of all Chinese industries, the thermal, hydro and nuclear power industries have developed the most rapidly. Since the asses, the installed capacity of generators increased from 100 million k to 385 million k by the end of 2003. The country produced 1. 9108 trillion kHz of electricity in 2003. Presently, China is the world’s second in the installed capacity of generators and generated electricity.