A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.
-Kofi Annan, former Secretary General of the United Nations
Developing country - a country that is poor and whose citizens are mostly agricultural workers but that wants to become more advanced socially and economically( the free dictionary)
Economic Development Indicators
Gross domestic product (GDP)- is the total value of goods and services produced in a country in a year.
GDP per capita- the total country of the countries money from goods and services produced in one year divided by the number in the population to get a very approximate amount for the countries average income per person.
Economic growth measures the annual increase in GDP, GNP, GDP per capita, or GNP per capita.
LEDCs- Less economically developed countries are countries with a low standard of living and a much lower GDP
MEDCs -More economically developed countries are countries which have a high standard of living and a large GDP. while countries in the northern hemisphere are more developed
NIC's -Newly Industrialized countries such as South Korea Thailand and Malaysia
Economic Development Indicators (MORE)
Inequality of wealth- the gap in income between a country's richest and poorest people. Measured in many ways, (e.g. the proportion of a country's wealth owned by the richest 10% of the population, compared with the proportion owned by the remaining 90%).
Unemployment- the number of people who cannot find work.
Primary- agriculture and raw materials eg. mining, fishing (Developing countries have high percentage of this)
Secondary- industry manufacturing (Industrial)
Tertiary- service industries e.g. banking
Inflation- measures how much the prices of goods, services and wages increase each year.
High inflation (above a few per cent) can be a bad thing, and suggests a government lacks control over the economy.
Problems with Using Economic Indicators Alone
- Distribution of wealth
- May depend on one type of industry if something happens to this may cause the economy to collapse.
- Informal economy not measured bartering subsistence farming unpaid work e.g. family structure child care or even crime piracy and drug dealers
- Monetary value for goods traded particularly in agriculture
- Negative effects of economic development not included like pollution
Problems with Using Economic Indicators Alone (MOR
Only a measure of what is produced bought and paid for, it doesn’t look at what was produced the environmental and social costs. How the wealth is distributed who spends it and on what.