Podcast
Questions and Answers
What country is ranked 1st for Educational Attainment in 2017?
What country is ranked 1st for Educational Attainment in 2017?
Japan
Which country had the highest overall rank in the '2017 Best Educated Countries'?
Which country had the highest overall rank in the '2017 Best Educated Countries'?
Life Expectancy is the expected number of years to be lived in full health (True/False).
Life Expectancy is the expected number of years to be lived in full health (True/False).
False
_______ years of ill-health are weighted according to severity and subtracted from the overall life expectancy to give the equivalent years of healthy life.
_______ years of ill-health are weighted according to severity and subtracted from the overall life expectancy to give the equivalent years of healthy life.
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Match the following countries with their Life Expectancy at birth in 2005:
Match the following countries with their Life Expectancy at birth in 2005:
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What does economic development involve?
What does economic development involve?
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Economic growth is a short-term process, while economic development is a long-term process. (True/False)
Economic growth is a short-term process, while economic development is a long-term process. (True/False)
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Which of the following are factors affecting economic growth in developing countries? (Select all that apply)
Which of the following are factors affecting economic growth in developing countries? (Select all that apply)
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Per capita income is national income divided by _________.
Per capita income is national income divided by _________.
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Match the following economic growth measures with their definitions:
Match the following economic growth measures with their definitions:
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Study Notes
Economic Development and Growth
- Economic development is a process where people in a country become wealthier, healthier, better educated, and have access to good quality housing.
- It involves a shift from agriculture to industry and then to the service sector.
- Key features of economic development include:
- Increased literacy rate
- Improved infrastructure
- Access to good quality healthcare
- Access to good quality housing
- Higher academic level
- Internet access
Comparing Economic Growth and Development
- Economic growth is a short-term process that involves an increase in the production of goods and services.
- Economic development is a long-term process that involves an improvement in the standard of living, life expectancy, and literacy rate.
- Economic growth is applicable to developed economies, while economic development is applicable to developing economies.
- Economic growth can be measured by the upward movement in national income, while economic development can be measured by the upward movement in real national income.
Measuring Growth and Development
- Two methods to measure the amount produced by the economy:
- Gross Domestic Product (GDP)
- Gross National Product (GNP)
- GDP is the total market value of goods and services produced within a country's borders.
- GNP is the total market value of goods and services produced by a country's citizens, regardless of where the output is produced.
- Per capita income is national income divided by population size.
- Purchasing Power Parity (PPP) is an adjustment in GDP per capita to reflect differences in the cost of living.
Factors Affecting Economic Growth
- Levels of infrastructure, such as transport and communication
- Levels of corruption, such as tax rates and public services
- Educational standards and labor productivity
- Levels of inward investment
- Labor mobility, such as moving from agriculture to manufacturing
- The flow of foreign aid and investment
- Level of savings and investment
New Measures of Economic Development
- Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development:
- A long and healthy life
- Being knowledgeable
- Having a decent standard of living
- HDI is a more comprehensive measure of economic development than GDP.
- Green GNP, also known as Environmental Domestic Product (EDP), is a measure of economic development that takes into account the depletion of natural resources and environmental degradation.
- Green accounting is a type of accounting that attempts to factor environmental costs into financial results.
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Description
This quiz covers the factors that contribute to economic development, including democratic governments, market-based reforms, and property rights. It also explores how people in a country become wealthier, healthier, and better educated.
