lesson 7 Development and Indicators.pptVIP

Development and Indicators Unit 5 Development and Measurement There seems to be two aspects to development, economic (financial) and social (human). Economic development refers to how well the economy is doing and how much money people have at their disposal. Social development is often closely tied to economic development but refers to more human indicators of well being such as life expectancy, infant mortality rate, literacy rate, availability of communications. Development and Measurement There is some debate over which indicators are a better measure of development. It is very likely that a variety of indicators is the best way to determine the level of development. Generally speaking, people in more developed countries are better off and have an easier life than people in lesser developed nations.? Economists and sociologists use the term standard of Living to describe how well off people are.? Standard of living equates to quality of life. Development and Measurement LOW STANDARD OF LIVING short life expectancy fierce discrimination against woman very low wages faltering economies little health care and very low literacy rates. Economic Indicators There are a variety of economic indicators which can provide a measure of the degree of development in a country. We will look at two economic indicators: Employment Structure GNP per Capita. OTHER Economic Indicators Unemployment and employment rates Housing starts Consumer price index (a measure for inflation) Industrial production Bankruptcies Broadband internet penetration Retail sales Stock market prices …to name a few!! Economic Indicator: 1. Employment Structure Economists have recognized that developed countries have been able to move their economy beyond the primary sector to the secondary sector which in turn grows the tertiary sector. developed countries have a much larger percentage of their work force employed in the secondary and tertiary sectors. Lesser developed countries have m