What Is Globalization Timelet 1542 Economic development is measured generally by the gross national income The purchasing power party adjustment allows a more According to Amartya Sen development should be assessed more by the of population, of living standards in different countries. Mat 10.00 available to people and less by Innovation is the engine of the economic development. It includes developing new products, new new management practices and new strategies. In a entrepreneurs feel motivated to innovate, because they can market their innovation. Whereas in a economy there is no incentive for Innovation because private businesses do not exist Strong are vital for the market economy and economic growth because it increases the incentives to engage in economic activity is characteristic of countries that followed a planned economic system. A country is considered to be attractive for business when costs and risks do not the potential benefits. deregulation organizations controlled property rights market economy per head surpass real comparison gross national income capabilities and opportunities 19