Chapter 9 Economic growth and development. Chapter 9 Economic growth and development Lesson 1 (1Hr) Unit 1: Methods of Development.

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Presentation transcript:

Chapter 9 Economic growth and development

Chapter 9 Economic growth and development Lesson 1 (1Hr) Unit 1: Methods of Development

Economic Development

Economic Development refers to an increase in the standard of living of the people in a country. Economic Development includes aspects such as: » Health… » Education… » Infrastructure… » General living conditions… Economic Growth is necessary for Economic Development to materialize...

Unit 1: Methods of Development 1.1 Measuring Levels of development Developed CountriesDeveloping Countries More Developed Countries (MDCs) Less Developed Countries (LDCs) IndustrialisedIndustrialising Rich economiesPoor economies Examples? Differences in level of development within Developing countries?

Unit 1: Methods of Development UN releases its Human Development Index (last released in 2013), which measures the level of development in countries. How? It considers three main aspects of the population of individual countries: Used as a measure of development in countries. Can be used for comparitive purposes. Takes 3 main aspects of development into account: Health Education Living Standard

Unit 1: Methods of Development UN releases its Human Development Index, which measures the level of development in countries. How? It considers three main aspects of the population of individual countries: Namely: 1.Health 2.Education 3.Living Standard

Unit 1: Methods of Development

HDI close to 1 = GOOD Very High Human Development: High Human Development: Medium Human Development: Low Human Development: Anything less than 0.55……. HDI Numbers -> Excel Map:

Chapter 9 Economic growth and development Lesson 2 (30min) Unit 1.2: Methods to improve levels of Development

Economic Development RECAP of yesterday a.Economic Development includes aspects such as? b.Key terms & differences between Developed and Developing Countries c.How is the HDI compiled and what is it used for?

Economies can either: Develop Stagnate Regress Let’s compare the development of 5 countries by using the HDI as a measure of development. Refer to Excel activity

Methods to improve levels of development Making the most of natural resources Development of industries Development of human resources Building economic partnerships Capital formation through savings & investments Cycle of underdevelopment: Low Savings result in Low Investment resulting in less opportunities and Income per capita remains Low Figure 9.3 on Page 181

Methods to improve levels of development The New Way of Thinking… Focus shifting towards the QUALITY of economic growth in a bid to make it more SUSTAINABLE. Sustainable Development: Environment, social and economic resources have to be managed in such a way that it meet the needs of the current and future generations.