Economic Growth and Development
Economic Development
Economic Growth
Increase in GNP with a fundamental change in the structure of society
Increase in GNP with no change to the structure of society
Factors of Production
Land
Labour
Capital
Enterprise
Human Development Index (HDI)
Measured by various factors such as:
Health
Knowledge
Income
Ireland and overseas development
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Least Developed Countries (LDCs)
Characteristics of LDCs
Poor levels of education / literacy
Low per capita income
Lack of capital / Low levels of investment
Poor living conditions / inadequate infrastructure
Small domestic market
uneven distribution of wealth
Foreign debts
Famine
High rate of population growth
Developed Countries
Ending Poverty and Hunger
Gender Equality
Environment and Climate change
Health - HIV and Aids
Education
Governance and Human Rights
Water and sanitation
Trade and economic growth
Globalisation
Causes
Saturation of domestic market
Increased consumer demands
Labour availability and skills
Decreased transport costs
Transport improvements
Improvements in ICT
Economies of Scale
Advancements in freedom of trade
Positive Impacts
Employment
Advancements in ICT
Economic Growth in Developing Countries
Improvements in fair trade
Boosts competition
Improved Government relations
Negative Impacts
Widens gap between rich and poor
Environmental Impact
Domestic Economy may suffer
Outsourcing
MNCs may impact LDCs governance and legislation negatively
Multinational Corporations
Foreign Direct Investment (FDI)
Inflows
Outflows