Development

Table of Contents

1. Topic pack - Development economics - introduction
2. 4.1 Economic development (notes)
   1. Economic development - introduction
   2. Development - pause for thought
   3. Economic growth and economic development
   4. Sustainability
   5. The sources of economic growth and economic development
   6. Natural factors
   7. Importance of agriculture
   8. Externalities
   9. Case study - farming in Kenya
   10. Human factors
   11. Population
   12. Physical capital and technological factors
   13. Institutional factors
   14. The consequences of growth for Development
   15. Common characteristics of economically less developed countries
   16. Poverty cycle
   17. Diversity among economically less developed nations
   18. International development goals
   19. Millennium Development Goals
   20. Case Study - Millennium Development Goals
3. 4.1 Economic development (questions)
4. 4.2 Measuring Economic Development (notes)
5. 4.2 Measuring development (questions)
6. 4.3 The role of domestic factors in economic development (notes)
7. 4.3 The role of domestic factors in economic development (questions)
8. 4.4 The role of international trade (notes)
9. 4.4 The role of international trade (questions)
10. 4.5 The role of Foreign Direct Investment (FDI) (notes)
11. 4.5 The role of foreign direct investment (questions)
12. 4.6 The role of foreign aid and multilaterial development assistance (notes)
13. 4.6 The role of foreign aid and multilateral development assistance (questions)
14. 4.7 The role of international debt (notes)
15. 4.7 The role of international debt (questions)
16. 4.8 The balance between markets and intervention (notes)
17. 4.8 The balance between markets and intervention (questions)
18. Print View

4.1 Economic development 

You need to be able to: Syllabus: Distinguish between economic growth and economic development.

Economic Growth is a subsection of Economic Development

In other words Economic Development is to do with all aspects of the quality of life including standard of living (GDP). Economic Growth is only about the standard of living (GDP - Goods and services) of the people in the economy.

According to the IB Syllabus you need to be able to:

Explain that Economic Development is multidimensional (and covers these areas)

• reducing widespread poverty,
• raising living standards,
• reducing income inequalities
• increasing employment opportunities.

And to be able to

Explain that the most important sources of economic growth in economically less developed countries include increases

• in quantities of physical capital and human capital,
• the development and use of new technologies that are appropriate to the conditions of the economically less developed countries
  
• institutional changes

Syllabus: Discuss the relationship between economic growth and economic development, noting that some limited economic development is possible in the absence of economic growth, but that over the long term economic growth is usually necessary for economic development (however, it should be understood that under certain circumstances economic growth may not lead to economic development).

Note the command word included in the syllabus statement so a Data Response Qd could be about this discussion

For example:

May 2014

Q3d: Using information from the text/data and your knowledge of economics,
discuss the main challenges facing Ivory Coast as it seeks to achieve
economic growth and economic development. [8 Marks]