Economic Development SOL 8 Levels of economic development

Economic Development SOL # 8

Levels of economic development vary from country to country and from place to place within countries

How and Why does economic development vary from one part of the world to another? Access to natural resources – Japan is an exception – limited natural resources but still industrialized. Access to capital ($) resources - investment in technology and advanced machinery, computers, cell phones, television Numbers and skills of human resources - human resources = people Levels of economic development Standards of living and quality of Relationships between economic life development and quality of life - How well people live -higher economic development = higher quality of life

Economic development varies from one part of the world to another • Access to natural resources

Economic development varies from one part of the world to another • Access to capital resources – Investment in technology and infrastructure

Economic development varies from one part of the world to another • Numbers and skills of human resources

Economic development varies from one part of the world to another • Levels of economic development

Economic development varies from one part of the world to another • Standards of living and quality of life

Economic development varies from one part of the world to another • Relationships between economic development and quality of life Running water = clean drinking water, staying clean, and being healthy Having medicine = getting better and live a long time

Indicators of economic development to assess the standard of living and quality of life of selected countries §Population growth rate §Population age distribution §Literacy rate §Life expectancy §Infant Mortality §Percentage of urban population

Assessment of Economic Development • Population growth rate – Natural increase

Assessment of Economic Development • Population age distribution

Assessment of Economic Development • Literacy Rate OR Each child can read Only a few on these children can read

Assessment of Economic Development • Life Expectancy

Assessment of Economic Development • Infant Mortality

Assessment of Economic Development • Percentage of urban population

Resources and Technology influences economic development and quality of life

Resources and Technology • Urban/rural ratio

Assessment of Economic Development • Labor force characteristics – Primary Sector – dealing directly with resources (fishing, farming forestry, and mining) – Secondary Sector – manufacturing and processing (steel mills, automobile assembly, and sawmills) – Tertiary Sector – Services (transportation, retail trade, and informational technology services) executives mining teacher

Assessment of Economic Development • GDP per capita Gross Domestic Product

Assessment of Economic Development • Educational Achievement

Economic Development SOL # 8 Misty Jeffers