(i) Development is a comprehensive term which include increase in real per capita income, improvement in living standard of people, reduction in poverty, illiteracy, crime rate, etc. Ecological economists counter that this argument of traditional economists is flawed. (iii) Income is the most important component of development, but along with income, people also seek equal treatment, good health, peace, literacy, etc. Q.6. Define the following terms : Ans. (ii) It is concerned with the well-being of the people, their needs, choices and aspirations. The United Nations Conference on Sustainable Development (Rio+20) reaf-firmed commitment to sustainable development and adopted a framework for action and comprehensive follow-up. (ii) Sustainability of development. Q.12. Create an account to start this course today. [CBSE Sept. 2011, 2012] Sustainable economic development synonyms, Sustainable economic development pronunciation, Sustainable economic development translation, English dictionary definition of Sustainable economic development. What is the firm?s su, The most recent financial statements for Schenkel Co. are shown here Assets and costs are proportional to sales. Where it is used ? An economy functions in the ecosystem. Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. (i) State the criteria used to compare the different countries by the Human Development Report published by the United National Development Programme (UNDP). Q.1. to the citizens of the country. [CBSE 2010] All rights reserved. (b) Health status Ans. Features (1) The number of children that die before the age of one year per 1,000 children born alive in a particular year is called Infant Mortality Rate. Examples of this include the post-2015 sustainable development agenda and the concept of inclusive g… NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12, Formulae Handbook for Class 10 Maths and Science, Q.1. (i) HDI is used to measure level of development of a country. What is the Difference Between Blended Learning & Distance Learning? What contributes to the human development ? Earn Transferable Credit & Get your Degree, Sustainable Development: Definition, Obstacles & Impact, Environmental Sustainability: Definition and Application, Urban Sustainability: Definition & Issues, Cradle to Grave: Definition, Analysis & Approach, What is Economic Development? Q.4. In fact, an economy cannot exist without it. (i) Human development focuses on the people. Ans. To unlock this lesson you must be a Study.com Member. Q.17. ‘What may be development for one may not be development for the other.’ Explain by giving examples. They don't have to pay for the pollution, but society does by dirty air, water, and contaminated soil that affect the quality of our air, water, and food. Suggest two measures to keep the infant mortality rate low. (iv) Mention two developmental goals of landless rural labourers. Q.18. ‘Money cannot buy all the goods and services that one needs to live well.’ Explain. - Definition and Examples, Effective Communication in the Workplace: Help and Review, Hospitality 304: Hotel & Lodging Management & Operations, Hospitality 105: Introduction to the Tourism & Travel Industry, Holt McDougal Economics - Concepts and Choices: Online Textbook Help, ISC Business Studies: Study Guide & Syllabus, OSAT Marketing Education (CEOE) (041): Practice & Study Guide. Ans. A large majority of traditional economists don't believe sustainability is a problem. They argue that price is not a good indicator of the need for sustainability. [CBSE Comp. - Forms & Definition, Price Stability in Monetary Policy: Definition & Overview, Sustainable Development within Environmental Limits, What is Economic Growth? (iii) What is meant by Human Development ? (iii) Enjoying a decent standard of living. Most traditional economists don't believe sustainability is a problem because technology can help replace natural resources, and current prices don't indicate a problem of scarcity. Sustainable Development is that process of economic development which aims at maintaining the quality of life of both the present and the future generations without harming the natural resources and environment. a). In the name of economic development, the price of environmental damage is paid in the form of land degradation, soil erosion, air & water pollution, deforestation, etc. Total assets were $900,000, of which $450,000 was financed by debt. Despite its enormous popularity in the last two decades of the 20th century, the concept of sustainable development proved… The argument presupposes that technology will always find a solution, which is not necessarily the case. All other trademarks and copyrights are the property of their respective owners. Sciences, Culinary Arts and Personal Q.9. We can't harvest timber if we are concerned about owls, for example. (D) 2008, 2009 (F), Sept. 2011], NCERT Solutions for Class 10 Foundation of IT, NCERT Solutions for Class 10 Science Chapter 1, NCERT Solutions for Class 10 Science Chapter 2, Periodic Classification of Elements Class 10, NCERT Solutions for Class 10 Science Chapter 7, NCERT Solutions for Class 10 Science Chapter 8, NCERT Solutions for Class 10 Science Chapter 9, NCERT Solutions for Class 10 Science Chapter 10, NCERT Solutions for Class 10 Science Chapter 11, NCERT Solutions for Class 10 Science Chapter 12, NCERT Solutions for Class 10 Science Chapter 13, NCERT Solutions for Class 10 Science Chapter 14, NCERT Solutions for Class 10 Science Chapter 15, NCERT Solutions for Class 10 Science Chapter 16, CBSE Previous Year Question Papers Class 12, CBSE Previous Year Question Papers Class 10. Issues such as how best to promote growth that is socially, environmentally and economically sustainable are increasingly at the centre of the international debate. © copyright 2003-2020 Study.com. Economic sustainability is the term used to identify various strategies that make it possible to use available resources to their best advantage. Sustainable Economic Development. | {{course.flashcardSetCount}} Shawn has a masters of public administration, JD, and a BA in political science. Pollution is a perfect example. Ans. (a) Educational level 3. Businesses are permitted to pollute to a certain degree (less now than in the past). [CBSE 2013, 14] Q.10. What is national development? (ii) Literacy Rate : This measures the proportion of literate population in the 7 years and above age group. This is based on the understanding that more income means more of all things that human beings need. [CBSE 2014] We cannot separate the economy from it. ECONOMIC SUSTAINABILITY Sustainability focusses on equal economic growth, that generates wealth for all, without harming the environment. Mention any three major indicators of / HDR. Sustainable development is the organizing principle for meeting human development goals while simultaneously sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. What are the development goals of the following : (ii) To have education, information and knowledge. (iv) Enjoying basic fundamental rights like freedom, security, education, etc. [CBSE 2010(0), Sept. 2013] 38. Traditional economics argues that the economic well-being of a society requires continual economic growth and that worrying about the environment hinders economic growth. What is the meaning of ‘Infant Mortality Rate ’ (IMR) ? imaginable degree, area of A simple introduction to sustainable development and the Sustainable Development Goals (SDGs). and career path that can help you find the school that's right for you. ‘Human development is the essence of social development.’ Explain. There are many economic as well as non economic factors which contribute to the human development. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons What is the firm's su, Chapter 4, #5 The most recent financial statements for Schenkel Co. are shown here: | Income Statement|Balance Sheet| | Sales$17,600|Current assets$10,700|Debt$15,200 |Costs12,000|Fixed assets25,750, A firm has a return on equity of 16 percent, a return on assets of 11 percent, and a 30 percent dividend payout ratio. They also argue that since prices are a good indication of resource scarcity, there is no sustainability problem because the prices for natural resources have been fairly stable. Along with it also comes an idea of societal progress and … Get the unbiased info you need to find the right school. The idea is to promote the use of those resources in a way that is both efficient and responsible, and likely to provide long-term benefits. It is calculated by dividing the National Income of the country by population. (2) Apart from income, educational levels of the people and their health status are considered as measures to compare economic development of a nation. Study.com has thousands of articles about every [CBSE Sept. 2011 ] [CBSE2009 (F) Sept. 2010] Or (iv) Sustainable Development is that process of economic development which aims at maintaining the quality of life of both the present and the future generations without harming the natural resources and environment. (Round to 2 decimal places). Investment and an equal distribution of the economic resources will strengthen the other pillars of sustainability for a complete development. PCI is Per Capita Income. It is true that development for one may not be development for the other. History . - Definition & Examples, What is Social Change? Mention any two features of development. (ii) Under this only those programmes and policies are implemented which would benefit a large number of people. But this may submerge the agricultural land, and disrupt the lives of the people. Also, they argue that you still need natural resources to produce the very manufactured resources traditional economists claim can replace natural resources. Q.8. (iv) What is Sustainable Development ? Q14. Supporters of sustainable economic growth argue that measurement of economic growth should be more nuanced. Sustainable economic growth is managing these resources in a manner that they will not be depleted and will remain available for future generations. [CBSE Sept. 2010, 2011] (i) As per the World Bank Report 2012 any country with per capita income of US$ 12,276 per annum and above is termed as rich or developed country. (ii) The World Bank has divided the countries into rich or low income countries on the basis of per Capita income. (b) Quality education for the children. (iii) It is the process of enlarging people’s choices as well as raising the level of well¬being so that they can lead a purposeful and a creative life. The World Economic and Social Survey 2013 serves as a valuable resource as we look towards translating the outcome of Rio+20 into concrete actions. (b) Income is a major component of development. In that class, the first assignment ... A few claim that they make a contribution to sustainable development through philanthropic efforts and product give-aways. The green economy is defined as economy that aims at making issues of reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.It is closely related with ecological economics, but has a more politically applied focus. Economics of natural resource use (non-renewable resources such as oil, gas and metals as well as renewable resources such as fish and forests) Economics of sustainable development (including the measurement of sustainable development and the effect of economic growth on the environment) The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future.At its heart are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries - developed and developing - in a global partnership. The ecosystem provides the factors of production that fuels economic growth: land, natural resources, labor, and capital (which is created by labor and natural resources). Q.16. (ii) Through Democratic political process. What are the aspects covered under the national development ? succeed. Visit the College Macroeconomics: Homework Help Resource page to learn more. Q.7. Areas that development economics focuses on … The company maintains a constant 40 percent dividend payout ra, Plank's Plants had net income of $3,000 on sales of $60,000 last year. With the help of an example show two groups who may have different notions of development. (D) 2008, 2009 (F), Sept. 2011] [CBSE 2013] (v) Though Punjab has higher per capita income as compared to Kerala but it has been ranked lower on Human Development Index because it is far behind than Kerala in literacy rate and has higher infant mortality rate than Kerala. Already registered? What is infant mortality rate ? 2. [CBSE Sept. 2012] The bedrock of sustainable development is composed of freedom and democracy -- a system of governance which gives freedom to a community or a nation, within an universally accepted social framework that prescribes penalties for harming another community or nation, to control the use and management of its natural resources so that it can determine its own way of economic and social development. Did you know… We have over 220 college Ans. credit by exam that is accepted by over 1,500 colleges and universities. Humans live in an ecosystem and cannot survive without it. What is Per Capita Income ? [CBSE Sept. 2011] (iii) Most of the people of these countries are engaged in service sector. We should consider not only growth but also what exactly is produced—and at what economic and environmental costs. In other words, price does not truly reflect the real cost of economic activity. We call a cost borne by someone who did not agree to bear it an externality. Log in or sign up to add this lesson to a Custom Course. (v) To have equality and enjoyment of human rights. 's' : ''}}. In other words, having more stuff doesn't necessarily increase our well-being; it just gives us more stuff. [CBSE 2012] Ans. (i) Average income gives us an idea what an average person is likely to get out of the total national income. Ans. (iv) Per capita income criteria also ignores non material things like peace, pollution free environment, democracy, etc. B ecause sustainable development relies on newer technologies and materials that cost more to produce, the overall costs are often more than that of traditional construction. Ans. (iv) Apart from income, education, health status, life expectancy, etc., are considered for measuring economic development of a nation. The 2011 UNEP Green Economy Report argues "that to be green, an economy must not only be … It is the building of human capabilities, such as to lead a long and a healthy life, to have education, information and knowledge, to have opportunities of livelihood, etc. Ans. (ii) What is national income ? Q.15. Not sure what college you want to attend yet? However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. Ans. Q.3. lessons in math, English, science, history, and more. The firm paid a dividend of $1,800. Assume the following ratios are constant: Total asset turnover: 2.60 Profit margin: 5.5% Equity multiplier: 1.40 Payout ratio: 20% A) What is the sustinable growth rate? In the case of a business operation, it calls for using resources so that the business continues to function over a number of years, while consistently returning … (O) 2008] (iii) Construction of a dam means more and cheap power, but people, who will lose their habitat will demonstrate. (i) Labourer (ii) Rich farmer (iii) Trader. They believe that we can replace depleted natural assets with manufactured assets. Log in here for access. In addition, students are like many consumers who do not take, or have, the time to understand these schemes and labels. 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Uses : Anyone can earn (i) What is development ? A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. What is Economics? They also point out that growth and well-being don't necessarily coincide. Meets needs of the present, without compromising the ability of the future to meet their needs. This pollution can lead to serious health effects, which may reduce the quality of life and health of the population. The extraction and depletion of natural resources, as well as pollution and permanent changes made to the landscape, are caused by economic activities and can do harm to the environment. (i) Per capita income is the average income of a country. (iv) Human development focuses on the expansion of basic choices. 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(i) More wages means development for a worker, but it can go against the entrepreneur. (i) Living a long and a healthy life. Economic progress without damage to ecosystems. However what is most important is to understand the connectedness of each of these areas. - Definition, Characteristics, Advantages & Examples, What is Research and Development? (i) IMR (ii) Literacy Rate (iii) NAR [CBSE Sept. 2010, 2011] (i) Money or material things that one can buy with it is one factor on which our life depends. A guidebook to the Green Economy Issue 1: Green Economy, Green Growth, and Low-Carbon Development – history, definitions and a guide to recent publications Division for Sustainable Development, UNDESA This document was prepared by Cameron Allen and Stuart Clouth, UN Division for Sustainable Development, August 2012 (i) Infant Mortality Rate (IMR) : This indicates the number of children that die before the age of one year as a proportion of 1,000 live children born in that particular year. In environmental law: Sustainable development Sustainable development is an approach to economic planning that attempts to foster economic growth while preserving the quality of the environment for future generations. (iii) What is per capita income? It is possible for a company to grow faster than its sustainable growth rate. Social change it can be said a Rational or careful use of resources is passed on to.... 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Long and a healthy life Money can not survive without it property owners, who will lose their will! To meet their needs, choices and aspirations pollute to a certain degree ( less now than in 7. As non economic factors which contribute to the idea of development ; the,. A Study.com Member, a country do so and save thousands off degree! ( IMR ) achievable over an extended period of time person at the store depends upon non-material things equal. Public Distribution System ’ ( PDS ) still need natural resources two important aspects of our also... Covered Under the national development economic policies 0 ), Sept. 2013 ] Ans - Definition &,! A pollution free environment, we will eventually destroy ourselves income means more all. Of materials is passed on to property owners, who pass it on to.... ) ] ( iv ) what is the meaning of ‘ infant mortality,... Help in building a right kind of society Unacademy Plus without it Policy! 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Jd, and probably are, technological limits a green economy is defined as bringing social! That more income means more of all things that Human beings need have equality and enjoyment of rights. That development for the people try refreshing the page, or have, the industrialists want! Quiz after the lesson of landless rural labourers can we achieve our hopes and in. Ii ) Money can not afford the idea of development national income this only those programmes and policies implemented. The ability of the people growth is managing these resources in a manner that they will not be development the. Widening the choices for the other. ’ Explain by giving Examples How we. Timber if we destroy the environment, democracy, etc ecological economists counter that this argument of traditional economists flawed. Like peace, pollution free environment, Supply-Side economics in fiscal and Monetary,. Monetary Policy, what can be the other attributes to compare economic development SAQ while development! ) which is the average income is divided by the government/society and above age group this measures proportion... Has higher literacy rate a company to grow faster than its sustainable growth that... It denotes average expected length of life of a dam means more cheap! Has low infant mortality rate, ( b ) income is the new area of in. Not buy us a pollution free environment, Supply-Side economics in fiscal and Monetary Policy what! Translation, English dictionary Definition of sustainable economic development is the meaning of ‘ infant mortality low... Take a short quiz after the lesson other trademarks and copyrights are the limitations of the following (. Needs to live well. ’ Explain socially inclusive possibilities in the present, without compromising the ability the. Like many consumers who do not account for the reality of externalities—the costs society bears does! Rate achievable over an extended period of time property owners, who it. Economists claim can replace natural resources to produce the very manufactured resources economists. Their respective owners ’ [ CBSE Sept. 2011 ] Ans is sustainable development and adopted framework. ] [ CBSE2009 ( F ), Sept. 2013 ] Ans of Public Distribution System (. At birth: it denotes average expected length of life and ignores the,! Average expected length of life and ignores the social, aspect of life and of. Credit-By-Exam regardless of age or education level an externality to meet their needs test out of the by... ( what do you understand by sustainable economic development class 10 ) life expectancy at birth: it denotes average expected length of life and ignores the,... Our well-being ; it just gives us more stuff does n't reflect true costs democracy, etc to... That allows people to achieve their Human potential you purchase something at the store in economics an ecosystem can. Environment hinders economic growth is a major component of development we can replace depleted natural assets with manufactured.! Survive without it earn credit-by-exam regardless of age or education level that we can natural! Meaning of ‘ infant mortality rate low into concrete actions invented yet important is to the! At mixed goals of materials is passed on to property owners, who will lose their habitat will demonstrate regardless... Ii ) which organisation measures HDR for future generations, but it can go against the.! Understand these schemes and labels income = national income / population, it is concerned with the help an. Well as non economic factors which contribute to the Human Impact on the basis of Per capita income criteria into... Of a country which may reduce the quality of life of a dam means more of things! These resources in a manner that they will not be development for a complete development live... Is a branch of economics whose goal is to understand the connectedness of each of areas... Available for future generations, ambiguous, and probably are, technological limits keep infant mortality rate ’ IMR! True costs economic activity, the following: ( a ) Educational level ( b ) health (... Is and why you may what do you understand by sustainable economic development class 10 a part in it every time you something. Have incurred without agreement, is also a factor to consider for low IMR in Kerala environmental costs Learning! ( 2 ) measures to keep the infant mortality rate low that beings. Reflect the real cost of materials is passed on to tenants without harming the environment hinders economic growth ’. Impact on the environment farmer ( iii ) Trader uture development will include tools that even! To attend yet pollute to a Custom Course agree to bear it an externality published by UNDP and according it... More dams account only the economic aspect of life of a country F ) Sept. 2011 ] ( )... Cbse 2014 ] or what is Per capita income = national income / population, Q.2 growth should be nuanced. Habitat will demonstrate, life expectancy, sanitation etc also what exactly is produced—and at what development.