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Economic development has several definitions from local to global perspectives. Professor of Economics and Public Policy Alan Deardorff at the University of Michigan as part of his International Economics Glossary calls it: "Sustained increase in the economic standard of living of a country's population, normally accomplished by increasing its stocks of physical and human capital and improving its technology

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Definitions of statistic by different authors?

definations of statistic by different authors


How did the authors of the Constitution set up the basis for a sound economic system?

I believe that Alexander Hamilton had set up the sound economic system, basing it largely of England's economic system. (feel free to add or change)


What is the definition of informal trading?

The term "informal sector" was first coined by Keith Hart in his study of the economic activities of the urban economy of Accra, Ghana, in 1973. Hart used the term to refer to the low income activities of the urban poor who could not find wage employment. The term was subsequently adopted and popularised by the ILO in form of "informal economy". While there are disagreements on the definition of the informal economy, most definitions nevertheless emphasise the following characteristics:small scale, low level of organisation and low productivity;happens outside of state licensing and regulation framework; and(some authors include) "legal and economically sound"activities ( differentiating the informal economy from hidden or underground economy).


What is alternative cost in economics?

According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.


Which statement most accurately describes one way that sarcasm is used in literature?

Authors use sarcasm to make humor in their writing.

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