UNIVERSITY OF NEGROS OCCIDENTAL – RECOLETOS

#51 Lizares Street, Bacolod City 6100, Negros Occidental, Philippines

College of Business and Accountancy

Department of Accountancy, Business Law and Taxation

Name : Camille Rea P. Lumauag

Section : C01
Course : ECODEV130
Assignment no. : 1

1. DEFINE ECONOMIC DEVELOPMENT.

Economic Development is the process whereby simple, low-income national

economies are transformed into modern industrial economies. The economic well-
being and quality of life of a nation, region or local community are improved.
Although the term is sometimes used as a synonym for economic growth, generally it
is employed to describe a change in a country’s economy involving qualitative as well
as quantitative improvements.

2. AS STUDENT, IN WHAT WAYS CAN YOU CONTRIBUTE TO OUR ECONOMY’S

DEVELOPMENT? CITE SPECIFIC EXAMPLES.

As a student, I can contribute to our economy’s development by buying or

consuming goods and services that are produced locally. In this way, I can show
support on the goods and services made by my fellow countrymen. As well as the
money stayed in the local economy and domestic jobs were compensated. Another
contribution I can give is getting valuable education because my skills and knowledge
can be an asset of our country, the more skilled a population, the more productive and
competitive a country can be. Most importantly, I will elect government officials in
favor of economic growth. Leaders who fight corruption, promote financial
transparency, support protectionist labor laws, boost job creation, and give an easy
access to education and healthcare.

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