Understanding Economic Development
Economic growth and economic development:
- Distinguish between economic growth and economic development.
- Explain the multidimensional nature of economic development in terms of reducing widespread poverty, raising living standards, reducing income inequalities and increasing employment opportunities.
- Explain how the most important sources of economic growth in economically less developed countries include increases in quantities of physical capital and human capital, the development and use of new technologies that are appropriate to the conditions of the economically less developed countries, and institutional changes.
- Explain the relationship between economic growth and economic development, noting that some limited economic development is possible in the absence of economic growth, but that in the long term economic growth is usually necessary for economic development (however, it should be understood that under certain circumstances economic growth may not lead to economic development).
- Explain, using examples, how economically less developed countries share certain common characteristics (noting that it is dangerous to generalise as there are many exceptions in each case), including low levels of GDP per capita, high levels of poverty, relatively large agricultural sectors, large urban informal sectors and high birth rates.
- Explain how, in some countries, there may be communities caught in a poverty trap (poverty cycle) where poor communities are unable to invest in physical, human and natural capital due to low or no savings; poverty is therefore transmitted from generation to generation, and there is a need for intervention to break out of the cycle.
- Explain, using examples, how economically less developed countries differ enormously from each other in terms of a variety of factors, including resource endowments, climate, history (colonial or otherwise), political systems and degrees of political stability.
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LEDC's Characteristics Gallery's
2022 GROUP 3 GALLERY
2022 GROUP 6 GALLERY
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UNITED STATES OF AMERICA
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TANZANIA
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Africa Gallery
Asia Gallery
America's and Pacific Gallery
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Stealing Africa:
Watch the documentary and take notes on the following:
Watch the documentary and take notes on the following:
- Causes of poverty in Africa
- Africa's place in the global economy
- The resources curse
- The impact of multi-nationals on Africa's development
- Africa's relationship with MEDC's, NGO's, and IMF and World Bank particulalrly
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What: Measuring Development
How: Research and use of data
Why: Economic Development, being a complex and multidimensional process, is not accurately reflected in any single measure. Economists therefore consider individual economic attributes or characteristics that distinguish countries according to their level of economic or human development.
Why: Economic Development, being a complex and multidimensional process, is not accurately reflected in any single measure. Economists therefore consider individual economic attributes or characteristics that distinguish countries according to their level of economic or human development.
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- Distinguish between GDP per capita figures and GNI per capita figures.
- Compare and contrast GDP per capita figures and GNI per capita figures for economically more developed countries and economically less developed countries.
- Distinguish between GDP per capita figures and GDP per capita figures at purchasing power parity (PPP) exchange rates.
- Compare and contrast GDP per capita figures and GDP per capita figures at PPP exchange rates for economically more developed countries and economically less developed countries.
- Compare and contrast two health indicators for economically more developed countries and economically less developed countries.
- Compare and contrast two education indicators for economically more developed countries and economically less developed countries.
- Outline the current status of international development goals, including Sustainable Development Goals.
- Explain how composite indicators include more than one measure and are therefore considered to be better indicators of economic development.
- Explain the measures that make up the Human Development Index (HDI).
- Compare and contrast the HDI figures for economically more developed countries and economically less developed countries.
- Explain why a country’s GDP/GNI per capita global ranking may be lower, or higher, than its HDI global ranking.
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