Development Flashcards
What is HDI? (Social indicator)
A measure that measures human well-being by focusing of aspects of a population such as Health ( life expectancy, diet culture, access to medical services), Education ( how long on average a student will stay or spend in school, literacy rate ), Standard of living ( quality of life, ability to satisfy one’s basic needs. HDI stands for Human development Index.
What is GDP? (Economic indicator)
Gross Domestic Product is the value of final goods manufactured or produced in a country per year. It is made up of the consumption rates, investments and government spending.
Which country has the highest HDI per capita?
Switzerland with a HDI of 0.96
Norway with a HDI of. 0.96
What is the difference between GDP and GNP
What is GNI? (Economic indicator)
Money made per year including investments made in foreign countries and money goes back to the government
What is GNP? (Economic indicator)
The value of all finished goods produced by a country’s citizens whether it’s produced in the country or not.
What are the indicators of National Development?
They are HDI, GDP, GNP and GNI
What is development?
Development in terms of a nation, is the improvement in the country’s socioeconomic aspects of life.
What is the importance of agriculture to a nation’s development?
Agriculture is usually the 3rd largest sector of a nation’s economy. It contributes to GDP and also food security which ensures that the population is able to healthily eat and work to maintain higher economic activity. If a country’s agricultural sector is wiped out (such as Dominica’s after hurricane Maria) then their GDP can heavily decrease and the country could fall into debt via trade imbalance. There will also be a drop in economic productivity since workers would be falling ill to malnutrition lead diseases which means the government wouldn’t receive as much money from taxes and exports which hence means they wouldn’t be able to invest back into their nation’s infrastructure and improvement.
What are some MEDCs?
Norway, England, USA, France, Singapore
What are some LEDCs?
Niger, Jamaica, Chad, Bangladesh, Haiti
What is the HDI of Singapore?
The life expectancy is 83 years, they’re literacy rate is 97%, they have a minimum of 13 years in school, they have a high GNI and hence, are able to afford their basic needs and have a high quality of life.
What is the HDI of Chad?
Chad has a very low HDI, falling in 0.394. They have a 26% literacy rate with a life expectancy of 52 years. This is due to poor healthcare access and shortage of healthcare buildings and workers.
What is real GDP compared to Nominal GDP?
Real GDP takes into account the inflation or dollar value rate, Nominal GDP does not. Real GDP is a better and more accurate indicator to use to measure a nation’s development because it takes into account the dollar value and general price level.
