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What Is the Purpose of Development Planning? What Are the Components

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What is the purpose of development planning? What are the components of an effective development plan?


Definitions:

Output

The quantity of goods or services produced in a given time period, by a firm, industry, or country.

Internalized

The process of incorporating external costs or benefits into one's own decision-making criteria.

Externality

A consequence of an economic activity experienced by unrelated third parties, which can be either positive (benefits) or negative (costs).

Gasoline

A highly flammable liquid derived from petroleum, used mainly as fuel in internal combustion engines.

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