Economic World Development - Nigeria

• Economic World: Development


  The progress of a country in terms of the economy, growth, technology and prosperity of a person
• Quality of Life


  Includes everything from physical health, family, education, employment, wealth, safety, religious beliefs, and the environment
• Levels of development


  • Low Income Country (LIC)
  • Middle Income Country (MIC)
  • High Income Country (HIC)
• Development indicators


  • Birth rate
  • Death rate
  • Life expectancy
  • Infant mortality rate
  • GDP per capita
  • Literacy rate
• Gross National Income (GNI)


  The total amount of money earned by a nation's population and businesses
• GDP per capita


  The monetary value of a country's goods or services divided by the population
• Human Development Index (HDI)


  A measure of development which takes into account life expectancy, education, and income
• Limitations of using GDP per capita as a development indicator is that it does not take into account regional differences within a country
• To overcome the limitations of individual development indicators, the HDI was developed to give a well-rounded image of a country's development
• Demographic Transition Model (DTM)


  Shows how birth and death rates affect the total population of a country over time
• Limitations of the DTM include the fact that not all countries develop in the same way as the UK, and it does not take into account the impact of natural disasters
• Stages of the Demographic Transition Model

  • Stage 1: High birth rate, high death rate
  • Stage 2: High birth rate, falling death rate
  • Stage 3: Falling birth rate, low death rate
  • Stage 4: Low birth rate, low death rate
  • Stage 5: Low birth rate, rising death rate
• High income countries (HICs) own the greatest share of the world's wealth - North America owns 18% of the world's share of wealth
• Low income countries (LICs) are unable to invest in healthcare - 4 out of 30 deaths in LICs are of children under 15, whereas in HICs only 1 in 100 deaths are children
• Causes of uneven development

  • Physical causes (natural disasters, lack of natural resources)
  • Economic causes (unfair trade, debt)
  • Historical causes (colonialism)
• Transnational companies (TNCs) often locate in LICs as the labour and raw materials are cheaper
• Developmental aid can help reduce the development gap by providing jobs, healthcare, education, and sustainable technology
• Fair trade can help reduce the development gap by ensuring farmers receive a fair wage for their produce
• Debt relief can help reduce the development gap by freeing up money that can be invested in development projects