Development Flashcards
what is development
the progress of a country is terms of economic growth, the use of technology and human welfare.
GNI
total value of all the goods and services produced by its population.
the income earned from investments that its people and businesses have made overseas.
this is divided by the population of the country to produce per capita.
HIC
GNI per capita of above US $12,746
NEE
countries have begun to experience high rates of economic development usually with rapid industrialisation.
LIC
countries have a GNI og $1045
GDP
the total value of goods and services produced be a country each year.
strengths of GDP
most widely used indicator
easily measures
effectively highlights the increasing development gap.
limitations of GDP
doesn’t account for cost of living
it does not give an indication of levels of inequality within the country.
