Group 3 Factors accounting for differences in economic development -…
Factors accounting for differences in economic development
Differences in income
Higher real GDP per capita, greater economic development
The wealthier a country is, the higher its living standards tend to be.
Differences in population growth
Rapid population growth
reduces GDP per capita
competing pressures on earth's scarce resources
hinder economic development
Differences in education
Higher level of education, higher economic development
Differences in healthcare
Measure by: life expectancy at birth, child mortality rate, a country's annual expenditure on healthcare
Increase in quantity and quality of healthcare increases economic development
Differences in productivity
Differences in saving and investment
More savings and investment, more economic development
Differences in size of primary,secondary &tertiary sector
primary: LEDC dominate in terms of output and employment: low GDP.
-In more economically developed countries
-which requires some profession in education which are skilled labour
tend to earn higher income .
different quantities and qualities of natural resources