In Defining Development to Include More Than Just the Growth

question 3

Essay

In defining development to include more than just the growth of per capita income,there is an implicit assumption that the growth of per capita income alone is not sufficient to guarantee the reduction of poverty and the growth of self-esteem.Is it possible that there could be growth ofper capita income without the achievement of these other objectives?

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Definitions:

Utility Function

A mathematical representation of how different bundles of goods or services relate to an individual's level of satisfaction.

Poker Hand

A combination of five cards that are ranked based on specific game rules used in the game of poker to determine the winner.

Recession Risk

The probability of an economy experiencing a period of negative growth, leading to a decrease in employment, income, and production.

Department Stores

Large retail establishments that offer a wide variety of goods divided into departments for shoppers.