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GCSE Economics Unit 12b: Development EQ: What is economic development and how can we measure it? Can we define development? Economic development can be defined as the development of economic wealth of that • Do increases in GDP per capita mean countries or regions for the well-being of their we have had development? inhabitants. It is the process by which a nation • What do mean when we talk about improves the economic, political, and social development? well being of its people. From a policy – perspective, Multidimensional naturedevelopment of development economic can be – FREEDOM defined as efforts that seek to improve the – economic Reduction well-being in poverty and quality of life for a – community Education /by Health / Law and Order creating and/or retaining jobs supporting or growing incomes. – Civiland liberties and participation Human Development Index (HDI) HIGH HDI countries • Norway (Rank # 1) • Sweden (Rank # 6) • USA (Rank # 10) • Italy (Rank # 34) MEDIUM HDI countries • Macedonia (Rank # 59) • Saudi Arabia (Rank # 77) • South Africa (Rank # 120) LOW HDI countries • Haiti (Rank # 153) • Nigeria (Rank # 158) • Niger (Rank # 177) Measuring HDI • Life expectancy at birth • Adult literacy rates and availability/enrolment in school • GDP per capita (PPP US$) Ways to improve HDI • A long an healthy life • Improved Education • Increased GDP per capita (PPP US$) Purchasing Power Parity (PPP) Bigdo Mac Index is •The How people inan informal way of measuring the Nigeria survive on 428 purchasing USD perpower year?parity (PPP) two currencies and •between Purchasing power of provides a test of theto extent currency needs be to which market exchange rates considered goods costing the •result 428inUSD becomes same in different countries. As 1050 USD with stated in The Economist, differences in cost ofit "seeks make exchange-rate livingtotaken into account bit more •theory The aBIG MACdigestible” index More measures of development • • • • • Why do we need more? Gender Related Development Index Gender Empowerment Index The Human Poverty Index Lorenz curve and Gini coefficient More indicators of development • • • • • • • • • • • • Infant mortality rates Under 5yrs mortality rates Material mortality rates Children underweight for age Water access Levels of sanitation Nourishment Immunisations Educational enrolment Literacy Internet usage Telephone lines per 1000 people