1. What do you understand about the meaning of economic development?

Explain in your
own words.
- Economic development is in proving the overall economic status of a society via
programs, activities and policies. This can be achieved by different means (enacting
policies, social welfare development plans, building infrastructure etc.) ultimately to
make a society a more prosperous one for everyone who lives there.
2. Explain the significance of economic development.
- Economic development is incredibly important for several reasons such as:
improving quality of life, poverty reduction, stimulating innovation, increased
economic stability, higher tax revenue, attracting investment, enhanced global
competitiveness, environmental sustainability, social cohesion, and human capital
development.
3. What are the indicators of economic development?
- Indicators of economic development are measurements and factors that
economists, policymakers, and researchers use to assess the economic progress
and well-being of a country or region. These are: Gross Domestic Product, Gross
National Income, Human Development Index, Poverty Rate, Income Inequality,
Access to Basic Services, Infrastructure Development, Foreign Direct Investment,
Balance of Trade, Inflation Rate, Government Debt, Access to Financial Services,
Environmental Sustainability, and Educational Attainment. These indicators, when
analyzed together, provide a comprehensive understanding of a country's economic
development, taking into account various economic, social, and environmental
factors. It's important to use a combination of these indicators to gain a more
complete and nuanced perspective on a nation's development status.
4. What are the characteristics of a developing nation?
- Developing nations, often referred to as "developing countries" or "low-income
countries," exhibit several common characteristic which mostly shows a negative or
low ratings on the indicators of economic development such as; high poverty rate,
underdeveloped infrastructure, and income inequality to name a few.
5. How would you categorize the Philippines? Is it a developed or developing nation? Why?
- At the moment, The Philippines is generally considered a developing nation. It falls
into the category of emerging or developing countries, characterized by factors such
as a lower average income level, a significant portion of the population living below
the poverty line, and ongoing efforts to improve various aspects of economic and
social development.