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ECONOMIC GROWTH/DEVELOPMENT - Coggle Diagram
ECONOMIC GROWTH/DEVELOPMENT
Economic growth
Happens first in a country
Economic growth is uneven, and it doesn't mean more money to everyone
The value of everything that was produced and sold in a country during a year.
Terminology
Developing
Third World
Less developed
South
Underdeveloped
ELDC/LEDC
Undeveloped
Economic development
It usually measures things other than money, such as health, education...
Growth is good, development is better
Measures the well-being of a country
Why are countries poor?
Culture
Religiousity makes people think the world can't improve now
US has a protestant and materialistic type of religion that doesn't affect the growth
Less religious countries tend to be richer
Geography
Diseases are more prone to happen
Comunication is key, that's why a lot of poor countries are landlocked
Most poor countries are in tropical places, which are worse for agriculture
Institutitions
More corrupted countries tend to be poorer
Clan-based thinking: always picking someone like you
With less taxes, less investment in the country