Economics SL
Economics SL
4
Chapters
96
Notes
Unit 1 - Intro to Econ & Core Concepts
Unit 1 - Intro to Econ & Core Concepts
Unit 2 - Microeconomics
Unit 2 - Microeconomics
Unit 3 - Macroeconomics
Unit 3 - Macroeconomics
Unit 4 - The Global Economy
Unit 4 - The Global Economy
IB Resources
Unit 4 - The Global Economy
Economics SL
Economics SL

Unit 4 - The Global Economy

Unraveling Economic Development Beyond GDP

Word Count Emoji
497 words
Reading Time Emoji
3 mins read
Updated at Emoji
Last edited onΒ 5th Nov 2024

Table of content

Absolutely! Buckle up, economics explorers! πŸš€ We're about to dive into the fascinating world of economic development. We'll explore what it means, how it's measured, and why it matters. And we'll make sure to include real-world examples, so you won't get lost in a sea of numbers and graphs. Ready? Let's dive in!

What is economic development? πŸ—οΈ

Economic development is like giving a country a giant growth spurt! It's not just about more money; it's about making people's lives better. Here's what you need to know

  • Improvements in Living Standards: More income per person, less poverty, better health care, education, and more jobs!
  • Reductions in Inequality: Aiming for equal opportunities and wealth for everyone.

Real-World Example: Think of Norway with high living standards and excellent healthcare, versus Somalia with lower development.

Measuring economic development- a toolkit πŸ“

Here's how we can gauge a country's growth

 

Single Indicators πŸ“Š

These measure one aspect of development:

  • GDP/GNI per capita: Money earned per person.
  • Health Indicators: Life expectancy, doctors per people, etc.
  • Education Indicators: Literacy rates, school enrollment, etc.
  • Economic/Social Inequality Indicators: Gini coefficient (income inequality), etc.
  • Energy Indicators: Electricity access, energy consumption.
  • Environmental Indicators: CO2 emissions, biodiversity.

Real-World Example: A high GDP in the USA, but this alone doesn't tell the whole story!

 

Composite Indicators 🧩

These combine several aspects of development:

  • Human Development Index (HDI): Health, education, income.
  • Inequality Adjusted HDI (IHDI): Like HDI but considers inequality.
  • Gender Inequality Index (GII): Measures gender discrimination.
  • Capability Poverty Measure (CPM): Focuses on opportunities like health and education, emphasizing women's roles.
  • Happy Planet Index (HPI): Measures happiness and sustainability.

Real-World Example: Costa Rica, Cuba, and Sri Lanka scoring highly in human development despite modest incomes.

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IB Resources
Unit 4 - The Global Economy
Economics SL
Economics SL

Unit 4 - The Global Economy

Unraveling Economic Development Beyond GDP

Word Count Emoji
497 words
Reading Time Emoji
3 mins read
Updated at Emoji
Last edited onΒ 5th Nov 2024

Table of content

Absolutely! Buckle up, economics explorers! πŸš€ We're about to dive into the fascinating world of economic development. We'll explore what it means, how it's measured, and why it matters. And we'll make sure to include real-world examples, so you won't get lost in a sea of numbers and graphs. Ready? Let's dive in!

What is economic development? πŸ—οΈ

Economic development is like giving a country a giant growth spurt! It's not just about more money; it's about making people's lives better. Here's what you need to know

  • Improvements in Living Standards: More income per person, less poverty, better health care, education, and more jobs!
  • Reductions in Inequality: Aiming for equal opportunities and wealth for everyone.

Real-World Example: Think of Norway with high living standards and excellent healthcare, versus Somalia with lower development.

Measuring economic development- a toolkit πŸ“

Here's how we can gauge a country's growth

 

Single Indicators πŸ“Š

These measure one aspect of development:

  • GDP/GNI per capita: Money earned per person.
  • Health Indicators: Life expectancy, doctors per people, etc.
  • Education Indicators: Literacy rates, school enrollment, etc.
  • Economic/Social Inequality Indicators: Gini coefficient (income inequality), etc.
  • Energy Indicators: Electricity access, energy consumption.
  • Environmental Indicators: CO2 emissions, biodiversity.

Real-World Example: A high GDP in the USA, but this alone doesn't tell the whole story!

 

Composite Indicators 🧩

These combine several aspects of development:

  • Human Development Index (HDI): Health, education, income.
  • Inequality Adjusted HDI (IHDI): Like HDI but considers inequality.
  • Gender Inequality Index (GII): Measures gender discrimination.
  • Capability Poverty Measure (CPM): Focuses on opportunities like health and education, emphasizing women's roles.
  • Happy Planet Index (HPI): Measures happiness and sustainability.

Real-World Example: Costa Rica, Cuba, and Sri Lanka scoring highly in human development despite modest incomes.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Economics SL. Subscribe now and get closer to that 45 🌟

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