IntroductionWhat is the fundamental difference between economic growth and economic development. Which has to come first? Do they always come together or do they sometimes conflict with one another?
Remember you have a studyguide with all the IB aims, some past papers, and extra tips to help you along. Find it in google classroom
How do we measure and understanding economic development? Is one measurement better than another?
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What's in my bag?On a past trip to Cambodia I estimated the financial worth of my hand luggage and all its contents! It came to about $5,000 USD! Inside my bag; iPad, Canon camera, camera lens x 3, other camera equipment, a tripod, sunglasses, emergency cash and other little bits.
The GDP per capita figure for Cambodia is $2,239 USD (PPP). How and why did my hand luggage amount to more than twice the yearly wage of a Cambodian adult? All this took me back to an essay I once had to do whilst at university. It started with the following quote, 'why have some countries grown rich while others remain poor? It is hard to think of a more fundamental question for economists to answer.' |
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