Transcription of ECONOMIC GROWTH AND DEVELOPMENT
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ECONOMIC GROWTH AND DEVELOPMENT
(JPMNT) Journal of Process Management New Technologies, International Vol. 3, , 2015. 55 ECONO MIC GROWTH AND DE VELOPMENT Mladen M. Ivic, PhD, PIM University of Banja Luka, 78000 Banja Luka, +38765-494-581 Abstract: Under ECONOMIC GROWTH mean constantly increasing volume of production in a country, or an increase in gross domestic product as the main quantitative indicators of production for a period of one year. ECONOMIC DEVELOPMENT is not only quantitative changes when it comes to the ECONOMIC position of the country, but also qualitative changes (changing the ECONOMIC structure, the emergence of new sectors and industries, new jobs, ). They lead to a better and more complete satisfaction of all human needs. Production per capita is a measure of the ability of a society to achieve their goals of social and ECONOMIC DEVELOPMENT , all in order to meet the constantly growing social needs.
ECONOMIC GROWTH AND DEVELOPMENT Mladen M. Ivic, PhD, PIM University of Banja Luka, 78000 Banja Luka, +38765-494-581 ... Labour productivity is the most important factor of economic growth. It represents the ratio of total output divided by the number of worker-hours in a particular sector, or at the level of ...
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