1. Unit 1: Introduction to Geographic Studies
Economic Development
Unit 1: Introduction to Geographic Studies

2. Levels of Development More Developed Countries More technology
Average manufacturing
Many service industries
High standards of living
Less farmers

3. More Developed Countries

4. Newly Industrialized Countries
Recently changed from mostly agricultural to more manufacturing/industry
Recently improved societies

5. Less Developed Countries
Much less developed
Mostly agricultural
More subsistence farming
than commercial
Light industry
Higher rates of poverty

6. Less Developed Countries

8. A major way to compare the wealth of nations is to look at their Gross Domestic Product (GDP):
The total value of
the goods and
services they
produce in a year

10. Wealth is also figured using per capita GDP:
The GDP of a country divided by its entire population
GDP "refers to production taking place in the United States. It is, therefore, the appropriate measure for much of the short-term monitoring and analysis of the U.S. economy
In 1991, the average per capita GNP in developing countries was $870
Developed $15,420
To explain further: GDP (gross domestic product) is, as we say on our FactCheckED.org site, "the total market value of goods and services produced within the borders of a country,” regardless of the nationality of those who produce them. GNP (gross national product) is the total market value of goods and services produced by the residents of a country, even if they’re living abroad. So if a U.S. resident earns money from an investment overseas, that value would be included in GNP (but not GDP). And the value of goods produced by foreign-owned businesses on U.S. land would be part of GDP (but not the other measure).