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Economic development means economic growth plus changes So for economic development to occur there must be not only an increase in the GDP but also change Economic growth is the increased ability of countries economy to satisfy the needs and wants of its population overtime Production Possibility Curve Consumer goodCapital Goods Explain the curve PPC is Economys current PPC is when it experiences growth However this is only one part of Economic Development Change Growth is equal to development and there can be many different changes that could include for example change in the status of women or the industrial sector Its usual for an LDC to have 60-70 of its population working in low paying agriculture Changes could mean more of an LDCs population to be involved in Secondary or tertiary industries For example 6 of Australias population is involved in Primary industry Features of development include - -Increased access to education -Development of a more sophisticated financial sector -Dynamic economy Where when conditions change the economy is likely to grow and change -Changes in the distribution of income Equality VS Efficiency Brazil Debating going on if Brazil actually grew because the poor only got worse off Evidence suggests that there is a substantial economic imbalance between the LDCs Mozambique Brazil Nigeria and the DCs Switzerland USA Japan This becomes clearer as we look at some of the economic indicators - DCs have much higher living standards then the LDCs do Eg Comparing the streets Frankfurt to the slums of Sau Paolo DCs generally have a much higher GDPCapita than LDCs eg Switzerlands GDPCapita is 425 times more then the GDP of Mozambique 34000-80 This is one of the best indicators of imbalance The make up of the economy of an LDCs will typically rely on two industries to support their economy For example Fiji relying on Tourism and Sugarcane while developed economies develop
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