5.4 differences in eocnomics development between conuntries

Question 1

econ developemnt

Answer 1

the process of raising living standards and the well being of people

Question 2

difference in income

Answer 2

countries with higher gpd per capita tend to have higher economic development as people can afford better standards of living.

Question 3

difference in savings and investment

Answer 3

many pople low income countries cannot afford to save and so there is little money to borrow, leading to a lack of investment.

Question 4

education and training

Answer 4

access to high quality and healthcare increases productivity and output countries

Question 5

size of the primary, secnoary and tertiary

Answer 5

As economies develop,
their economic activities tend to shift from the primary (i.e.:agriculture) and
secondary (manufacturing) sector production towards tertiary (services) output.

Primary sector: industries involved in the production or extraction of raw
materials. For example, fishing, farming and mining.