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Hi, I am looking for someone to write an article on key foundations of economic development Paper must be at least 1500 words. Please, no plagiarized work!
Hi, I am looking for someone to write an article on key foundations of economic development Paper must be at least 1500 words. Please, no plagiarized work! The first one is the physical expansion of economic growth that leads to a bigger economy. This is usually measured in metrics such as GDP which is the measure of the amount of outputs in the nations. One example is the western economies compared to the developing nations. In a developed economy such as the US or the UK, the delivery of services are usually expensive and this means that one has to pay higher prices for goods and services as compared to the developing nations. For instance, a loaf of bread can cost more in United States of America in comparison to how much it costs in a neighboring economy such as Mexico.
This difference is caused by the level of economic growth. This also implies that economic growth does not always lead to better standards of living. For instance, a person earning ten dollars per hour in Mexico is likely to lead a better life than a person earning the same amount to money in Mexico. As already discussed, economic development can also be defined in terms of the ration of the cost of delivering services and goods as in comparison to the cost of doing the same. Some economies have managed to achieve this although it is more difficult to achieve. A good example can be a country like Singapore.
In the last 40 years, Singapore has achieved a kind of development in which the delivery of services has increased while the cost of delivering these services has reduced. This has led to a better ways of living and at the same time the cost of giving these services has declined. This mean that an individual in Singapore can access better services such as healthcare, food, and any other thing that has an economic value on it at a considerably low price clamored to an America, yet the quality if these economic values are equal or better than those in the US of America.
