IBDP Economics Chapter 16 Notes

understanding economic development

 

STUDY NOTES FOR ECONOMICS CHAPTER 16 – UNDERSTANDING ECONOMIC DEVELOPMENT

These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Understanding Economic Development HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth and one need not look for other resources beyond the notes provided on our website which can be accessed for free. The notes for Understanding Economic Development IBDP HL are available on our official website and can be downloaded for free. The material made available on Tychr’s website is available for all IBDP subjects and is specially curated after an extensive amount of effort to ensure that the notes are in consonance with the IB curriculum and are an amalgamation from various textbooks prescribed by the IBO.

This chapter focuses on the importance of economic growth and economic development. talks about the Trickle down theory and importance of Human Development. The concepts of income poverty and human poverty are also mentioned. The students will learn as to how less developed countries can grow economically to increase in physical capital and human capital, development of new technologies, institutional changes etc. Economic growth and economic development are also represented on a PPC curve. Differentiation between more and less developed countries are also focused upon in this chapter. Common characteristics of developing countries and mentions like low levels of GDP per capita, high levels of poverty, relatively large agricultural sector, large urban informal sector, high birth rate and population growth, low levels of Health and education, low levels of productivity and the dual economy.

The interesting and important concept of “ poverty can cause poverty” is discussed through the poverty cycle. It is important for the students to study eight diagrammatically. The chapter also discusses diversity among less developed countries like resource endowments, climate, history, political system and political stability. the chapter also focuses on certain International development goals such as eradication of extreme poverty and hunger, achievement of Universal primary education, promotion of gender equality and women empowerment, reduction in child mortality, improvement in maternal health, combating HIV/AIDS , malaria and other diseases, ensuring environmental sustainability and development of a global partnership. Lastly, the chapter talks about the measurement of economic development through single and composite indicators and the complexities which arise with these measurements.