Back

Differences in Economic Development Between Countries | O Level Economics 2281 & IGCSE Economics 0455 | Detailed Free Notes To Score An A Star (A*)

Views 0
  • Economic Development
    • It means that production and wealth in an economy increases which improves the welfare for the people.
  • Developed countries
    • High GDP per capita
    • High HDI
    • Best services
    • Excellent civic services
    • Tertiary and service sector is larger compared to other sectors or at least at a fairly large scale
  • Under-developed economies
    • Low GDP per capita
    • Low HDI
    • Low literacy and education
    • Less foreign investment
    • Primary sector is relatively large
  • Developing economies
    • Industrialization occurring
      • Increase in the relative importance of secondary and manufacturing sector
    • Extreme poverty is lowering
    • Tertiary sector is growing as well
    • High population may still cause low living standards for many people
  • What causes low economic development?
    • Agricultural overdependence
      • It is not a value added sector
      • Only surplus sold so low exports
      • Poor incomes
    • International trade is dominated by developed countries
      • Developed countries can make more competitive products
      • They can provide subsidies as well
      • They can also invest in their industries
    • Low savings level
      • Incomes are low
      • So people can save less
    • Capital issues
      • Labor intensive industries
      • Low income makes it hard to invest in capital.
    • Infrastructure not developed properly
      • Can’t afford to do it.
    • Population growth is high
      • It will reduce real GDP per capita and it will also make it hard to invest in development
    • Political issues can deplete resources
    • Unstable government can lead to unstable policies
    • Corruption can damage the economy and reduce the resources available for investment.
  • What are the different indicators for development
    • GDP per capita
    • Population earning less than 1 USD per day
    • Life expectancy at birth
    • Adult literacy rate
    • Access to safe water and sanitation
    • Workers employed in different sectors.
Hunain Zia

Hunain Zia has previously achieved considerable success in the high-school educational stream, gaining a massive 154 Total A Grades and 7 Major Distinctions, a process in which he broke/ set 11 different world records, including the most A grades ever achieved, most subjects ever appeared in, most distinctions, gaining distinctions across two separate boards (Pearson Edexcel and CAIE) within the same year/ ever, and even 19 hours of constant examination. All records stand intact today. Hunain pursued his Honors Accounting Degree from the prestigious Bentley University, and then completed an LLB (in Honors) from University of London. Currently, he manages multiple social and commercial projects, has founded digital streams and works tirelessly in the education sector.

Educate A Change focuses on truly bringing change in the educational sector worldwide. All our courses are designed to ensure success, and provide complete preparation without requiring any other external material. Therefore, it takes away the expense of academies, books, past paper compilations and other miscellaneous items. Instead, by just the courses we offer, the student can prepare fully for the best grades in their CAIEs, Edexcel and other high-school exams. The earnings from our course-sales are invested in social projects and growing the free educational activities of Educate A Change.