unit 5 - Growth vs Development

Question 1

Economic Growth defination

Answer 1

Focuses on a country’s GDP and it is output driven and it basically how much sustained monetary growth a country goes through.

Question 2

Economic Development definition

Answer 2

Focuses on a country’s social and welfare position and is defined as an improvement in the Quality of Life of citizens living there

Question 3

Development indicators

Answer 3

GDP per capita
Literacy rate
Poverty rate
Infant mortality rate
Emotional well-being and safety
HDI

Question 4

Human Development Index what is it and what are its 4 main parameters

Answer 4

It is a composite indicator that helps in measuring a country’s economic development

the 4 main parameters are:
mean years of schooling
expected years of schooling
life expectancy at birth
Gross national income per capita

Question 5

Income vs Wealth

Answer 5

Income is the money you earn over a specific period (e.g., monthly salary, yearly wages). It’s a flow of money.

Wealth is the measure of life term earnings and captures long terms financial stability (eg - assets and homes)

Question 6

Poverty cycle

Answer 6

Child born into a poor family
Disadvantage in terms of opportunities and education
Struggles to get a job and escape poverty
Gives birth to new child
Repeats

Question 7

Case study - Most consistent high performing country in the HDI

Answer 7

Norway. It has ranked highest from 2019 - 2023 in the HDI due to its advancements in health, economics and education

It provides free or subsidized healthcare services ensuring accessibility to all citizens. 18 mean years of schooling and a GNI of over $85,000 also help it rank high

Question 8

China - Economic growth vs development

Answer 8

While china has sustained great economic growth over the last decade, it faces issues in economic development such as income inequality, poor living conditions and environmental degradation

Question 9

State which consistently outperforms its Country in HDI

Answer 9

Kerala and India

Most literate state in India with its literacy rate is nearly 96%, far exceeding the national average of 77%.

Kerala has a life expectancy of around 77 years, higher than India’s average of 69 years. It also has the lowest infant mortality rate in India

Kerala Gross national Income (GNI) is also on par with that of India’s