Economics, Society and Development

 Measurement of Growth and Development

     The Measurement of development is through what are commonly called economic indicators, however, there are measures, both qualitative and quantitative that need to be taken into account when rendering a judgement on whether or not growth and development are taking place in a society. As there are no well settled norms for judgement of growth and development, comparison of economic performance is utilized. The rate of increment is also used as basis for judgement. 

  The Gross National Product

 The GNP is the sum of the value of goods and services created in the economy in a given year. As such it is a measure of economic performance and vitality. The growth of the GNP indicates the productive capacity of the economy on the year to year basis.

  

     

       Economic Development is the growth of the Gross National Product (GNP), accompanied by a redistribution of wealth among the people. It is the rise of investment, production and income that brings about a better quality of life for the population. It is the movement of a country from tool-based to machine-based production with the effect of better income for the people and the provision of improved facilities for the society.

       It is sustained capital formation in the country resulting in higher productivity and the improvement of social institution for efficiency in resource utilization.

1.        What Do You Want to Achieve?

If your aim is to become the richest man on earth, starting a second hand globe dealership might not be the best idea that you have ever had. If your goal is not compatible with your business model success will be impossible to achieve.

2.        Surround Yourself with Competent People

3.        Never Give Up and Never Surrender

4.        Do Not Be Too Proud to Ask for Advice

Do not be afraid to ask some advices from the veterans because they will really be a big help in solving your problems. When you manage your own business you can become so involved with the day-to-day issues that you start to lose focus. People that are not involved with your business might be able to highlight obvious solutions or provide valuable insight. Even Superman needs Louis Lane.

5.        Set Achievable Goals and Deadlines

Be realistic when you set goals, targets and deadlines. Nothing is as demoralising as not meeting deadlines and targets. Use a daily “to do” list and a weekly schedule in order to keep track of your targets and deadlines.

6.        Monitor, Measure and Adapt

Think and analyse the key performance areas of your business and be willing to change or adapt your business if needed. Performance that is monitored effectively will provide you with an early warning system that could help you to make the right business decisions at the right time.

7.        Cherish your Customers

Without loyal customers your business will not succeed. Focus on building a lasting relationship with your customers and always respond as quickly as possible to customer queries. The use of social media to interact with your customer base is very effective and should be explored. you have to delight your customers to make them feel that they are important element in your business.

This stage (Drive to Maturity) is the period of rapid technological change, introduction of new management methods, expansion of international trade and extensive use of credit. The growth of the economy is rapid with high employment level and high income.

High Mass Consumption Stage.  The benefits of specialization and automation brings out a high level income to the population thus giving them access to an abundance of consumption goods. Society begins look towards enjoyment of leisure rather than hard-nosed economic struggle. At this point, education for professional training is emphasized to meet the needs of the society with high technology and complex business organization.

This is the stage of acceleration of economic in the economy. By this time the productive activity has expanded through technological change and increased investment. By this time, employment is high and the domestic and foreign markets are being fully developed. So rapid is the change taking place at this stage that education and training must be stepped up to provide the manpower requirments for the changes and expansion of trade, industry and agriculture. At the same time the total value of the goods and services produced in the economy is sustained at seven (7) percent per annum, way above the annual population growth rate.

This is the situation in a society wherein the people depend upon land as a basic resources for their livelihood and where the production techniques are more or less the same for many years. Diminishing returns from farming takes place as the population grows. As a result; production is marginal, meaning that output values tend to be only equal to inputs so that households could produce only equal to their basic needs. Very little or no saving is accumulated for investment purposes.