Question

How are countries compared in terms of their economic development? Discuss.

Answer 1

The countries in the world are classified as developed coma developing and underdeveloped categories depending on the various economic factors of measuring their development.

Methods to determine the economic development of a country:-

1) Gross National Product per capita:-

The gross national product is the total market value of all final goods and services produced by a country within an year point it is a economic measure of how much is produced in a country does the country that produces more per person is considered to be more developed than other countries.

2).population growth:-

In general the poor countries have a more Rapid rate of population growth which leads to early exhaustion of its resources and huge difference between classes of people in the society. Thus a country which has a controlled population growth rate is considered much developed than a country who has a booming population growth rate.

3)occupational structure :-

The the economic activities are generally divided into three types that are primary activities secondary activities and tertiary activities. The more developed the country ,higher labour force is engaged in tertiary activities while in low developed countries larger chunk of population in is is involved in primary activities like agricultural, mining, fishing lumbering etc .

4) Urbanization rate :-

Urbanisation is the the percentage of a country's population who live in urban areas. It is considered that high urbanisation leads to more developed country as more and more people who come to cities engage themselves in secondary and tertiary sectors leading to a better economic development and better living standards while if the organisation rate is quite low then mostly the population is involved in primary activities like agriculture or mining.

5) consumption per capita :-

high consumption per person is a good indicator of economic development as the richer a country is, the more it citizens consume.

6).infrastructure development :-

The foundation of a society is its urban centres, transport networks, Communications, energy distribution systems, farms, factories, mines and facilities of schools, hospitals, Postal Services and police and armed force. Thus it is considered that higher infrastructural development in a country leads to better economic growth of the country and vice versa.

7) Social Indicators like HUMAN DEVELOPMENT INDEX, literacy rate ,life expectancy rate, Healthcare and calorie intake rate , infant mortality rate :-

Human Development Index is a cohesive index that is composed of three indicators that a life expectancy, education that includes adult literacy and combine secondary and tertiary School enrollment and their real GDP per capita that helps to understand the overall social development of a country which is a major contributor in the economic development of a country . For example higher literacy rate would lead to oo more engagement of the workforce into tertiary and secondary sectors.

Similarly the life expectancy rate, mortality rate helps to understand the development of Healthcare services in a country which is a major indicator of its economic development.