Discuss how to interpret the indicators to determine a country’s economic health.
The level of a country’s development can be determined by the level of technological advancement or industrial development. Analyzing indicators can also help to explain how developed a country is.
Because of technology, these countries are able to produce high amounts of goods and services to sell in global markets. (GDP) Characteristics include advanced healthcare and higher life expectancies and literacy rates. Capitalism is a characteristic as well as limited governments. How do these characteristics work together to encourage development?
These countries are still very agricultural and poor, but are working toward industrialization and advancing their technology. Examples include India, China, and Mexico.
Underdeveloped countries (third world countries) focus on primary industry such as agriculture and other raw materials they sell to industrialized nations and serve as markets for the products made in other countries. These countries typically have high levels of poverty and birth rates and lack adequate health care and education. They have lower life expectancies and higher infant mortality rates. Underdeveloped countries include many in Africa, especially where disease, drought, famine and warfare have interfered with the ability to industrialize, and other countries in Asia and Latin America.
How would you explain the relationship between a country’s development and economic indicators?