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economic development - Coggle Diagram
economic development
- Indicators of Living Standards and Economic Development
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Income adjusted for inflation, providing a measure of the average income per person.
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Health (life expectancy, access to healthcare).
Education (literacy rates, school enrollment).
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Human Development Index (HDI): Combines income, education, and life expectancy to provide a holistic measure of development.
Multidimensional Poverty Index (MPI): Looks at multiple deprivations in health, education, and standard of living.
- Classification of Economies
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Developed economies: High standards of living, advanced infrastructure, and diversified industries.
Developing economies: Lower income levels, less industrialization, and often higher poverty rates.
Emerging economies: Rapid industrial growth, improving income levels, moving towards development.
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Inverted U-shape: As economies grow, inequality rises initially but decreases after reaching a certain level of development.
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Indicates that rapid growth may lead to short-term inequality but long-term improvement in living standards.
- Economic Growth Rates and Living Standards
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Use growth rates, PPP-adjusted income, and HDI to compare levels of development between countries.
Examine disparities in wealth, health, and education between countries of different income levels.