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JV Payac-Reflection - Eco Developement Chapter 2

Economic development

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12 views2 pages

JV Payac-Reflection - Eco Developement Chapter 2

Economic development

Uploaded by

kingpayacjv08
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Jv Payac

BSA

Reflection

Chapter 2 Economic Development

This Lesson is about the Economic Development and Economic Growth and what was the difference
about this. When you say development in the country involves rise in the level of production in an
economy along with the advancement of technology, improvement in living standards and so on and the
growth is the positive change in the real output of the country in a particular span of time. So the scope
of the growth Increase in the indicators like GDP, per Capita income and the term applicable to
developed economies and measured upward movement in national income and this changes is
quantitave and when you say development scoped to improvement in life expectancy Rate, infant
mortality rate, literacy rate and poverty rates and the long term process is the developing economies
and measured Upward movement in real national income and this changes called as a qualititive

And we studying the factors affecting economic growth in developing countries This list outlines key
factors that contribute to a country's economic development. First is Levels of infrastructure Good
infrastructure roads, (railways, ports, airports, internet.) Is essential for businesses to operate efficiently,
transport goods, and connect with markets. It also improves access to education, healthcare, and other
services for citizens. Second level is Levels of Corruption Corruption undermines trust in government,
discourages investment, and diverts resources away from public services. When tax revenue is not
effectively collected and spent, it hampers development. And the example of that is If a significant
portion of tax revenue is siphoned off by corrupt officials, there may be insufficient funds to build
schools, hospitals, or improve infrastructure. The third is Educational Standards and Labor Productivity A
skilled and educated workforce is more productive, innovative, and adaptable to changing economic
conditions. Education empowers individuals and contributes to a country's overall competitiveness.

- Example: A country with a high literacy rate is likely to have a more skilled workforce, leading to higher
wages and increased economic output. The fourth is Levels of Inward Investment Foreign investment
can bring in capital, technology, and expertise that can help a country develop its industries and create
jobs.

- Example: China's investment in African countries has helped develop mining and other resource
extraction industries, but the benefits for local communities and economies can be unevenly distributed.
The five is Labor Mobility The ability of workers to move from lower-paying, less productive sectors (like
agriculture) to higher-paying, more productive sectors (like manufacturing) is crucial for economic
growth.
- Example: If workers are stuck in low-paying agricultural jobs due to lack of skills or opportunities, a
country's overall productivity and economic potential will be limited

And I learn the educational attainment Refers to the highest level of education that an individual has
completed. By tracking attainment levels across countries and over time, the UIS* provides unique
insights into the benefits that can arise from education – from the earning potential of individuals to the
economic growth and well-being of societies at large.

- Education is a strong predictor of overall well-being: The top 10 most educated countries consistently
rank high in overall quality of life. This suggests a strong correlation between education and factors like
health, happiness, and economic prosperity.

- Nordic countries excel: Sweden, Finland, Denmark, and Norway consistently rank high in both
education and overall quality of life. This highlights a possible model for prioritizing education and social
welfare.

- Balance between education and other factors: While education is important, it's not the only factor
determining a country's overall ranking. Countries like Canada and the UK, while not topping the
education list, still rank high overall, suggesting other factors like political stability, healthcare, and
infrastructure also play a crucial role. That's all I learn about this topic

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