P2U1 02 Global Pattern of economic development

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What is Economic Development?

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The process of improving the economic well-being and quality of life of a nation's people, often involving industrialization, technological advancement, and improvements in infrastructure and social services.

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What characterizes a Developed Country?

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A high level of economic development, high income per capita, good infrastructure, and generally high living standards. Examples include Canada and Japan.

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What characterizes a Less Developed Country?

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A lower level of economic development, lower income per capita, limited infrastructure, and a larger proportion of the population living in rural areas. Example: Afghanistan.

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What is Gross National Income (GNI)?

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A key measure of a country's economic activity, including the total value of goods and services produced within a country, plus net income received from abroad.

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What is GNI per capita?

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GNI divided by the total number of people in a country's population, useful for comparing economic strength of countries with different population sizes.

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What is the World Bank Classification?

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A system for classifying countries based on their GNI per capita into High-income, Upper-middle-income, Lower-middle-income, and Low-income categories.

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What are some alternative terminologies for economic development classification?

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High Income Country (HIC) or More Economically Developed Country (MEDC), Medium Income Country (MIC) or Emergent economies, and Low-Income country (LIC) or Less Economically Developed Country (LEDC).