In what ways do countries vary in their economic development and quality of life? Part 2

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  • Created by: emma why
  • Created on: 01-04-14 10:31
What is an issue with the economic development stairway?
Highly subjective
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What groups of countries is there a problem in categorising?
OPECs and FCCs
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What is the issue with the classification of RICs and NICs?
Vague distinction
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What can be said about the distinction between LEDC and LDC on the economic development stairway?
It is difficult to determine what is the critical threshold that separates them
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Why is the classification of countries such as Argentina, Brazil, Chile, South Africa and Turkey?
Are they really MEDCs?
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What is the benefit of the classification based on per capita GNI?
Seems more objective and the values used to distinguish the four income groups are updated yearly
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What is one method of the economic development stairway?
LDC,LEDC,RIC,NIC,MEDC
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What is a more useful way of using the economic development stairway?
Low income, lower middle income, upper middle income, high income
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What are some surprises in the high-income group of countries?
Includes a number of Caribbean countries
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What are some Caribbean countries that are classed as high income?
Antigua, Barbados, Puerto Rico, Trinidad and Tobago
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Why is it thought provoking that Caribbean countries such as Barbados are classed as high income?
Few would claim that these are MEDCs
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Why are some Caribbean countries in the high income groups?
As they are popular tourist destinations and second home locations
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What provides money to Trinidad that raises its wealth?
Valuable oil resources
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What can be said about Antigua, Barbados, Puerto Rico, Trinidad and Tobago?
All have much foreign investment but few native residents share in the wealth that the World Bank have recorded
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Why is it surprising to see India in the low income group?
Is being hailed as one of the fastest industrialising countries in teh world
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What dilutes the per capita GNI figure for India?
Huge population
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What is a major inequality in India today?
Only a relatively small percentage of India's population is benefitting from the current economic boom
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Why does the inclusion of Zimbabwe in the low income group serve as a warning?
Less than 50 years ago it was one of the most prosperous African nations and is now bankrupt
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What are two other measures that can be used to show the global pattern of economic development?
Tertiary/service sector and also average annual rate of economic growth
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What is the importance of the tertiary or service sector in measures economic development?
As becomes more developed is becoming increasingly important and eventually dominant
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How can the tertiary sector be used to help determine levels of economic development?
Measure the sector in terms of either its percentage of the working population or percentage contribution to country's GDP
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What can the average annual rate of economic growth give a crude indication of?
Rate of economic growth
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What must be considered to make the average annual rate of economic growth a useful figure for comparison?
Calculation of the average needs to take into account the rate of inflation
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What can a high rate of inflation make the annual rate of growth in per capita GNI look?
More impressive than it really is
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Card 2

Front

What groups of countries is there a problem in categorising?

Back

OPECs and FCCs

Card 3

Front

What is the issue with the classification of RICs and NICs?

Back

Preview of the front of card 3

Card 4

Front

What can be said about the distinction between LEDC and LDC on the economic development stairway?

Back

Preview of the front of card 4

Card 5

Front

Why is the classification of countries such as Argentina, Brazil, Chile, South Africa and Turkey?

Back

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