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Economic Development is an intangible concept that considers both…
Economic Development is an intangible concept that considers both quantitative and qualitative variables in raising the standard of living within a country
Population growth
Rapid population growth reduces GDP per capita, reduces real GDP
Economic development gives low fertility rates, implying there is no need to produce more offspring in order for survivial.
Productivity
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Foreign Direct Investment increases the quantity and quality of physical capital, boosting productive capacity and competitiveness. Jobs are created.
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Difference in size of primary, secondary and tertiary sector
In an LEDC, it's population's GDP and exports with mainly be agricultural products. As the economy grows, GDP will be generated from secondary sector. And finally, in MEDC countries, income /GDP is generated in the tertiary sector.
Saving and Investment
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Government saves taxes gained by businesses in a country for investments such as healthcare, education, new roads and more.
Healthcare
Better the healthcare, the greater the social and economic wellbeing
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Education
The higher level of education, the higher SOL tend to be
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