Chapter 12: Differences in Economic Development
Chapter 12 Introduction
Learning Objectives
After reading this chapter, you should be able to
- Discuss economic growth and outline factors that influence economic growth of a nation.
- Explain how the Human Development Index (HDI) is a measure of economic development.
- Explain how differences in political, economic, and legal systems affect the economic development.
- Discuss how differences in economic development impact the cost of international trade.
Think About It! Title
Video: Economic Development
In this video from Tutor2u, some of the key interpretation of what economic development means, are being explained.
Source: tutor2u. (2021, January 23). Economic development – Meaning and measurement I A level and IB economics [Video]. YouTube. https://www.youtube.com/watch?v=qtHLkrtdKz0
Reflection Questions
Before we begin, we encourage you to reflect on the following questions:
- What or who is economic development about?
- What are the three parts of Human Development Index
- Do countries with high per capita income also stand high based on HDI?
Introduction
In Chapter 10 and Chapter 11, we discussed how countries differ from each other based on their political, legal, and economic systems. In this chapter, we explain how those differences impact the economic development of a country and how a country’s level of economic development makes it viable and attractive as a place to do business.
