Economics - Test Week

Developed - most common criteria for evaluating a countries degree of development are:

- Per capita income.

- Gross domestic product.

- Level of industrialisation.

- General standard of living.

- Amount of widespread infastructure.

HDI - Human development Index:

           - Life expectancy.

           - Literacy rate.

           - How happy people are.

Emerging - a nations economy that is progressing forward towards becoming advanced.

                - Emerging economies don't generally have the level of market efficiency.

Needs - goods or services that are required.

Wants - goods or services that are not necessary - but we have a desire for them.