Measures Of Growth And Development

Question 1

What is a measurement of growth and development

Answer 1

A measure of how well a country is doing based upon an indicator or unit of measurement e.g. GDP Human development index.

Question 2

What is the human development index.

Answer 2

The human development index is a measure of 3 elements in an economy in order to determine its performance, Those being: Education
Health
Living standards

Question 3

Human development index measurements, where do they come from.

Answer 3

Health measurement - life expectancy
Living standards - Gross national income per capita
Education - Years spent in education and schooling.

The higher the average value the better.

Question 4

Advantages of using the human development index

Answer 4

More accountable than just GDP
Considers income per populate 
Understands the importance of education
Gives an average figure
Wider range of information is used
Updated annually.

Question 5

Disadvantages of the human development index

Answer 5

Still not complex enough to be considered the be all and end all
Still concerned about how important wealth is and how much weight it carries on the HDI.

Question 6

Other measures of economic performance

Answer 6

GDP - Output
GDP Per capita - output per person
GNP - Output from earnings abroad as well
Inequality
Inflation 
Macroeconomic objectives