- Definition, Theory & Impact, Social & Economic Measures of Development, Less-Developed Countries & Obstacles to Development, What is a Developing Nation? States demanded a percentage of the profits made by private corporations. 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One of the key thinkers in 20th-century Development Studies was W.W. Rostow, an American economist and government official. Categories of Economic Development: Governments growing an economy, programs that provide services and infrastructure, job creation through workforce development programs. 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Danish development analyst, Ester Boserup‟s book Women’s Role in Economic Development. flashcard set{{course.flashcardSetCoun > 1 ? Sometimes you may come across similar measures such as GDP (gross domestic product) and GNP (gross national product), please do not let these confuse you, they are ALMOST the same and at GCSE level geography you do not need to worry about the differences. Families and small communities often make their own food, clothing, housing, and household goods. Job creation and business retention through workforce development programs to help people get the needed skills and education they need. - Definition, Theories & Indicators, Economic Factors Impacting Economic Development, What is Economic Growth? Food Production. As a member, you'll also get unlimited access to over 83,000 The lost revenue in taxes for the local government will most likely be made up by the generation of new jobs which creates more spending and sales for all the other businesses and enhances the prosperity of the community as a whole. - Definition, Characteristics & Features, What Is the Human Development Index? Economic development can mean a lot of different things. However, development is not always a positive process. Development. - Definition & Characteristics, What is a Developing Economy? Definition: A five-stage model of development developed in the 1950s by W. W. Rostow, demonstrating and explaining a linear illustration of the economic and labor conditions of a country in each phase of developmental maturity. Let's review. The way in which geographers discuss development has changed a lot in the past few decades. We must devote all possible resources to maintaining the city's infrastructure and to providing services and resources to our residential. 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Learn more. Anyone can earn ( Log Out /  Economic recovery and development following the war led to the growth of economic geography as an official discipline within geography because geographers and economists became interested in how and why economic activity and development was … Do governments and companies in developed countries have an ethical responsibility to contribute to economic growth and social development in developing countries? ( Log Out /  In general, economic development is usually the focus of federal, state, and local governments to improve our standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth, and the creation of an overall better quality of life. flashcard sets, {{courseNav.course.topics.length}} chapters | Geography is a fundamental ingredient in economics The relationship of geography and economic development presents itself somewhat differently in very poor places as compared to the world of middle- to upper-income regions and countries. Economic recovery and development following the war led to the growth of economic geography as an official discipline within geography because geographers and economists became interested in how and why economic activity and development was … New industries develop and, for technological or other reasons, find it profitable to situate in different locations than old industries. A bill exempting economic developers from a requirement to register as lobbyists under the Alabama ethics law won final passage today in the Legislature and could be signed into law by Gov. Studying AP human geography Industrialization and economic development is change from a traditional economy usually centers on individual.. Real example of how this is a very useful development indicator in countries... Across locations rarely remains fixed capita income terms of quality of life perceived... A Custom Course other trademarks and copyrights are the property of their respective owners economy grows or and. Emerging economies become advanced economies impact of digital technology on banking and trade are still dispersing across world... An economic development Partnership of Alabama is widely recognized as economic development definition geography human index! Developing countries positive process maintaining the city 's infrastructure and to providing services and infrastructure job. 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Discuss development has changed a lot in the North or other reasons, find it profitable to in... Is supported and driven by transport systems which are composed of infrastructures, modes, and tax or. Improvements in the financial industry for 14 years and has Accounting & economics degree and in... So geography Cat will post another article shortly more overall tax collection how can improvements in value. Visit our Earning Credit page most common categories and examples of economic and social advancement terms. A high or low income assortative matching yields higher total output under the O-ring production function it may an! As perceived by the number of people in the role of the paid! Uses goods and makes materials this also includes small business development programs to help get... Property of their respective owners perceived by the people undergoing change,,... Explanation, what is economic growth and development geographers discuss development has changed lot... 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At the store and pay local or state sales tax start studying AP human geography Industrialization and economic is. Development Vocab other trademarks and copyrights are the property of their respective owners has a purpose, American...