 Levels of economic development vary from country to country. Some countries are very wealthy and some are very poor.  Standards of living and indicators of economic development are used to assess how wealthy a country is.

 Why does economic development vary from one part of the world to another? 1. Access to natural resources - If a country does not have many resources it is more difficult for them to develop their economy.

2. Access to capital resources - Countries that do not have money, modern infrastructures, or industries will have a difficult time developing their economy. 3. Numbers and skills of human resources - Countries need skilled workers and unskilled workers in order to develop their economy.

4. Indicators of economic development a) Urban/rural ratio - The number of people who live in cities versus the countryside. b) Labor force characteristics - How much of the economy is devoted to primary, secondary, or tertiary economic activity. The economy in some countries is primarily based on agriculture or mineral extraction. Countries in Africa tend to farm or dig up minerals.

c) GDP per capita - Gross domestic product per capita refers to how much money an average family earns in a year. d) Educational achievement - The number of skilled workers in a country.

5. Indicators of standards of living and quality of life. a) Population growth rate b) Population age distribution - Some countries have many young people while others have older people. c) Literacy rate - The number of people who can read and write. d) Life expectancy - How long the average person lives.

e) Infant mortality rate - The number of babies that die at birth or within the first year of life. f) Percentage of urban population - The number of people living in cities.

 Developed countries tend to have the following characteristics: 1. Low population growth rates 2. Higher percentage of old people 3. High literacy rates 4. Long life expectancies 5. Low infant mortality rates 6. High percentage of population living in urban areas

 Developed countries tend to have the following characteristics: 1. Economy based on tertiary economic activity 2. High GDP per capita 3. High levels of education

 Some developed countries are: 1. United States 2. Canada 3. Australia and New Zealand 4. Japan, South Korea, Singapore, and Taiwan 5. All countries in Europe and Russia 6. Israel, UAE, Bahrain

 Some developing countries are: 1. China - Highly developed industries and some very modern cities but still many poor people 2. Brazil 3. South Africa - Has a well developed infrastructure but there are still many poor people in the country

 Location and ability to exchange goods 1. Countries that are landlocked will have a difficult time transporting goods. Landlocked means a country does not have an outlet to an ocean. Some examples are Switzerland, Bolivia, Rwanda, and Mongolia. 2. Countries that are islands or on the coast will have an easier time exchanging goods.

3. Proximity to shipping lanes. 4. Access to communication networks

 Membership to political and economic alliances that provide access to markets.