Social and Economic Measures of Development Flashcards

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What are economic indicators of development?

Economic indicators include employment, income, wealth, savings, house building, spending, trade, resources and pollution control.

What are social indicators of development?

Social indicators include quality of life, well-being, equality, access to healthcare and education, life expectancy, birth control, diversity and heritage.

Why do we use various indicators to measure development?

Using a variety of indicators gives a holistic view of a country’s development, considering both economic and social aspects.

What is the Human Development Index (HDI)?

HDI is a United Nations metric considering life expectancy, literacy rates, education level and GNI, scoring between 0 (least developed) and 1 (most developed).

What is Gross National Income (GNI)?

GNI is the total income received by a country from its residents and businesses, focusing on economic wealth.

What are some limitations of using GDP and GNI to measure development?

GDP ignores welfare components and may negatively impact welfare. GNI focuses solely on income and outliers can skew the figures.

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