Economic transition from one level to another more advanced concrete, which is achieved through a process of structural transformation of the economic system in the long term, thereby increasing available production factors and oriented to their best use, resulting in a equitable growth between sectors of production. The development means better living standards for the population and not just a product growth, thus representing quantitative and qualitative changes. The key terms of economic development are: increased production and productivity per capita in the different economic sectors, and per capita real income growth.
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Fedrick Theo - Tuesday 6 August 2013
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