Economic Development

economic development

process by which the economic well-being and quality of a nation, region, local community or an individual are improved according to targeted goals and objectives

1. infrastructure

2. education system

3. public safety

4. local business

5. job opportunities

6. tourism

objectives of economic development includes innitiative to improve the following:

1. education

2. health

3. employment rate

4. gender equality

main social indicators of development:

gdp

sum of the income contributed by firms, household;

measure how much money can a country make

gnp

gdp + income abroad

gnp per capita

calculated as gnp/population

human development index

composite statistic calculated in the:

1. life expectancy index

2. education index

3. mean years of schooling index

4. expected years of schooling index

5. income index

infant mortality rate

numbers of infants dying before reaching the age of 1

literacy rate

to assess the education';

can be used to rate the percentage of people who are able to read

life expectancy rate

can be used as an indicator of the following:

1. health care quality in a country or province

2. level of sanitation

3. provision of care for elderly

economic structure

the structural transformation in the economy

urbanization

measures the incrasing portion of population living in urban areas compared to rural

saving figures

measures the investment and capital in an economy for industrialization process

industrialization

mass production

quality of life index

it measures the welfare of citizen and prosperity

1. physical quality index

numerical literacy

ability to count 1-1000