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TM3 WK4 Econ E-Note

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27 views6 pages

TM3 WK4 Econ E-Note

Uploaded by

daramoralesss01
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© © All Rights Reserved
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GLOWING AGES ACADEMY SECONDARY PHASE

SUBJECT: ECONOMICS CLASS


NAME: YEAR 11
TOPIC: ECONOMIC DEVELOPMENT
WEEK 5

WALT

 Define economic development.


 Identify key indicators used to measure economic
development.
 Explain the factors contributing to differences in
economic development between countries.
 Analyze the implications of these differences.
 Discuss strategies to bridge the gap in economic
development.

Definition of Economic Development


Economic development refers to the process by which a
country improves the well-being of its citizens through
economic growth, infrastructure development, improved
healthcare, education, and a higher standard of living.
. Key Indicators of Economic Development
To measure economic development, the following
indicators are commonly used:
1. Gross Domestic Product (GDP) per Capita
o The total economic output per person in a
country.
2. Human Development Index (HDI)
o A composite measure of life expectancy,
education, and income levels.
3. Life Expectancy
o Indicates the overall health and healthcare
quality in a country.
4. Literacy Rate and Education Levels
o Reflect access to and quality of education.
5. Poverty Rate
o The percentage of the population living below
the poverty line.
6. Infrastructure Development
o Access to transport, communication, and utilities
like electricity and water.

.
Factors Contributing to Differences in Economic
Development
a. Natural Resources
 Countries with abundant natural resources (e.g., oil,
minerals) often have a higher potential for wealth
creation.
 Example: Gulf countries like Saudi Arabia versus
resource-poor nations like Haiti.

b. Education and Skills


 Countries with higher investment in education have a
more skilled workforce, leading to higher productivity.
 Example: South Korea’s focus on education versus
low literacy rates in parts of Sub-Saharan Africa.
c. Infrastructure
 Well-developed infrastructure facilitates trade,
business operations, and access to services.
 Example: Advanced transport systems in Germany
versus inadequate infrastructure in Chad.
d. Political Stability and Governance
 Stable governments with effective policies foster
economic growth.
 Example: Political stability in Switzerland versus
political instability in Venezuela.
e. Access to Technology
 Advanced technology boosts innovation and
productivity.
 Example: The U.S. leading in tech innovation versus
limited access in developing nations.
f. Trade and Market Access
 Countries with open economies benefit from trade
and foreign investments.
 Example: Export-driven economies like China versus
isolated economies like North Korea.
g. Health and Population Growth
 Healthy populations contribute to economic
productivity, while high population growth without
matching resources can strain development.
 Example: Japan’s aging population versus Nigeria’s
high population growth.
h. Global and Historical Factors
 Colonial history, access to global markets, and
international debt play a significant role.
 Example: Long-term impacts of colonization in Africa
versus industrialized Europe.

. Implications of Differences in Economic


Development
1. Inequality:
o Creates significant wealth gaps between nations,
impacting global trade and relations.
2. Migration:
o People from less developed nations migrate to
more developed ones seeking better
opportunities.
3. Global Dependencies:
o Developing countries often depend on developed
nations for aid and trade.
4. Conflict and Instability:
o Economic disparities can lead to social unrest
and geopolitical tensions.

.
Strategies to Bridge Economic Development Gaps
a. Investment in Education and Healthcare
 Improve literacy, skill levels, and health outcomes.
b. Infrastructure Development
 Focus on building roads, energy grids, and
communication networks.
c. International Trade and Integration
 Encourage free trade agreements and reduce trade
barriers.
d. Good Governance
 Foster transparency, reduce corruption, and ensure
political stability.
e. Technological Transfer
 Facilitate access to modern technology through
international cooperation.
f. Sustainable Development
 Promote environmentally friendly practices to ensure
long-term growth.

. Case Study Examples


1. South Korea vs. North Korea
o South Korea’s focus on education, technology,
and trade transformed it into a developed
nation, whereas North Korea’s isolation and poor
governance led to stagnation.
2. China vs. India
o Both are rapidly growing economies, but China’s
focus on infrastructure and manufacturing has
outpaced India’s growth.

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