Caribbean Studies Topic 1:The Concepts of Development

Development may be expressed as

• Utilizing scarce resources to improve the standard of living and quality of life of a country's citizens

• Constructing large buildings and structures in a country

• Extracting valuable natural resources to earn foreign currency

• Purchasing foreign goods and services to give consumers product variety

A developing country is characterized as a country which has

• High income households and low productivity

• Extensive physical capital development and skilled labour

• Unskilled labour, low productivity and low living standards

• Highly industrialized and high standard of living

Describe the term sustainable development

• Sustaining the standard of living and quality of life of a country's citizens

• Protecting the environment by preventing the exploitation of natural resources

• Allowing corporations to exploit resources to generation profits

• Meeting the needs of the current generation without comprising the needs of the future generation

Economic development is comprised of

• Poverty eradication, environmental preservation, equity in educational and employment opportunities.

• Increased economic output, profit maximization, product variety

• Guaranteed high paying jobs and low income housing

• Excess leisure time and low stress occupations

Two pillars of human development are

• Productivity and Equity

• Longevity and Literacy

• Discipline and Tolerance

• Wealth and Prosperity