Warm-Up New ToC Entry Economic Development 4/7/15 137-138 What are some of the differences in these two places?

Objective SWBAT explain the characteristics of developed and underdeveloped (developing) economies

Developed vs. Underdeveloped Countries throughout the world are often characterized as being developed or underdeveloped. This designation tells us much about the level of that nation’s economy.

What is the difference between Developed and Underdeveloped countries? ??? VS

Undeveloped 1) low standard of living 2) small industrial base 3) moderate to low level on the Human Development Index 4) government in constant turn over Sometimes referred to as Rural Countries, Third World, Poor Countries

Developed 1) stable economy 2) organized government 3) high standard of living 4) high Human Development Index level Sometimes referred to as Industrialized Nations, First World, Rich Countries

How do we determine different levels of development? Standard of living – The quality and quantity of goods and services available to citizens and the way these things are distributed within a country.

Things that affect standard of living include: Poverty Rate

Income per person (per capita)

Quality of health care

Educational standards

Human Development Index – Calculated using the following: Life Expectancy Expected age of death for a country Literacy Rate Ability to read, write, listen and speak Education Institutions of higher learning i.e. - colleges

Industrial Base – number of industries that help support a country’s needs

Additional Factors of Economic development GDP vs. GNP GDP – money made from goods and services inside the country GNP – money made from goods and services by residents of a country, even if not in country

Population Growth – poorer countries will have a higher rate of growth

Urbanization – % of a country’s population who live in urban areas. More developed = more urbanized.

Infrastructure – Things needed to help a society operate and function Such as: Highways, means of communication, energy distribution systems, farms, factories, hospitals, etc.

Infant Mortality – number of deaths of children in the first years of life. Higher number = less developed

Caloric Intake – Food available for people of a nation

Stages Economic Development of countries happens in stages: 1) Primitive 2) Transition 3) Takeoff (Developing) 4) “semi-developed” 5) “highly developed”

Exit Ticket On a scrap piece of notebook paper, summarize the difference between developed and underdeveloped (developing) countries.