Describe the Five Periods of Development, and Identify the New

question 56

Essay

Describe the five periods of development, and identify the new capacities and social expectations that serve as important transitions during each period.

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Definitions:

High School Graduates

Individuals who have successfully completed the required coursework and examinations to receive a high school diploma.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured as the percent rate of increase in real gross domestic product (GDP).

Capital Goods

Long-lasting tangible assets that businesses use in the production of goods and services, such as machinery, buildings, and equipment.

LDCs

Less Developed Countries, nations with a lower level of material wealth, industrialization, and socio-economic development.