Economic development refers to sustained efforts aimed at improving the economic well-being and quality of life for individuals within a society or country.
Imagine economic development as building a strong foundation for a house. Just like how a solid foundation supports the entire structure, economic development lays the groundwork for long-term growth, stability, and prosperity in a society.
Gross Domestic Product (GDP): A measure of the total value of goods and services produced within a country's borders over a specific time period. It is often used as an indicator of economic development.
Human Development Index (HDI): A composite index that measures factors such as life expectancy, education level, and income per capita to assess overall societal well-being beyond just economic indicators.
Foreign Direct Investment (FDI): Investments made by individuals or companies from one country into another country's businesses or infrastructure with the aim of promoting economic development.
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.