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

The Critical Role of Health, Education, and Infrastructure in Growth and Development

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

Table of content

Provision of merit goods

a. Health & Education: - What They Are: Vital drivers of growth, like adding nitro to a race car! -

 

Benefits

More jobs with higher pay (think of it as leveling up in a game!). - Healthier people (like having a strong defense in a football game). - Better community with new ideas (imagine a think-tank of superheroes!).

  • Interdependence: - Health = better education (a healthy athlete can train harder). - Education = better health (knowing how to eat right and exercise).
  • Real-World Example: Countries like Finland prioritize education, leading to better overall national well-being.
  • Early Life Importance: - It's like planting a tree; the better you nurture it when it's young, the mightier it grows!
  • Infrastructure: Roads, Energy, etc.
  • Benefits: - Increases productivity (more cars on a superhighway). - Lowers production costs (saving money on faster trains).
  • Real-World Example: China's vast high-speed rail network.

Challenges with government provision

 Money Issues: - Like planning a party but not having enough cash to buy snacks

 Corruption: - Imagine a superhero turning villain and using powers for evil.

Inward foreign direct investment (FDI)

  •  What It Is: - Big companies investing in another country (think McDonald's opening in a new city!)

 Why It's Cool

  • Access to New Markets: Selling to more people
  • Lower Costs: Cheaper labor (like hiring local musicians for a concert)
  • Natural Resources: Oil, metals, like finding treasure!
  • How to Attract FDI: - Stable government, good infrastructure, low labor costs, etc. (it's like setting up a perfect date night to woo someone)
  • How FDI Helps Growth: - More jobs, skills, money for the government, and savings (like getting a bonus level in a game!).
  • The Not-So-Cool Side of FDI: - Can hurt local businesses, low taxes from big companies, environmental damages (think of a villain causing chaos in a city).

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

Unit 4 - The Global Economy

The Critical Role of Health, Education, and Infrastructure in Growth and Development

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

Table of content

Provision of merit goods

a. Health & Education: - What They Are: Vital drivers of growth, like adding nitro to a race car! -

 

Benefits

More jobs with higher pay (think of it as leveling up in a game!). - Healthier people (like having a strong defense in a football game). - Better community with new ideas (imagine a think-tank of superheroes!).

  • Interdependence: - Health = better education (a healthy athlete can train harder). - Education = better health (knowing how to eat right and exercise).
  • Real-World Example: Countries like Finland prioritize education, leading to better overall national well-being.
  • Early Life Importance: - It's like planting a tree; the better you nurture it when it's young, the mightier it grows!
  • Infrastructure: Roads, Energy, etc.
  • Benefits: - Increases productivity (more cars on a superhighway). - Lowers production costs (saving money on faster trains).
  • Real-World Example: China's vast high-speed rail network.

Challenges with government provision

 Money Issues: - Like planning a party but not having enough cash to buy snacks

 Corruption: - Imagine a superhero turning villain and using powers for evil.

Inward foreign direct investment (FDI)

  •  What It Is: - Big companies investing in another country (think McDonald's opening in a new city!)

 Why It's Cool

  • Access to New Markets: Selling to more people
  • Lower Costs: Cheaper labor (like hiring local musicians for a concert)
  • Natural Resources: Oil, metals, like finding treasure!
  • How to Attract FDI: - Stable government, good infrastructure, low labor costs, etc. (it's like setting up a perfect date night to woo someone)
  • How FDI Helps Growth: - More jobs, skills, money for the government, and savings (like getting a bonus level in a game!).
  • The Not-So-Cool Side of FDI: - Can hurt local businesses, low taxes from big companies, environmental damages (think of a villain causing chaos in a city).

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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