Minds On
Economic development
Economic development is programs, policies, or activities that seek to improve the economic well-being and quality of life for a community.
Consider you community and then other communities around the world.
Brainstorm
Brainstorm
What factors do you believe contribute to economic development?
Press the ‘Hint’ button for a suggestion.
Brainstorm your list in the following fillable and printable Economic Development graphic organizer. Organize your ideas into programs, policies, and activities you believe seek to improve well-being and/or quality of life.
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Policies |
Programs |
Activities |
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Press the ‘Activity’ button to access Economic Development.
Action
Task 1: Factors of economic development
In this section of the learning activity, you will be learning about various factors that can contribute to economic development. As you read through each section, record jot notes in the following fillable and printable Factors of Economic Development graphic organizer.
You will be focusing on how these factors impact quality of life. Quality of life is a standard of health, comfort, and happiness. For each factor, respond to the reflection question at the end of the section.
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Factor |
Jot notes (impact on economy) |
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Natural resources |
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Trade patterns |
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Colonial legacy |
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Corruption |
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Political instability |
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Government expenditures |
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Debt load |
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Foreign ownership of resources |
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War |
Press the ‘Activity’ button to access Factors of Economic Development.
Press each tab to learn about factors and economic development.
Natural resources are a source of income for many countries. Among the natural resources, the land area and quality of the soil, forest wealth, river system, minerals, and oil resources are included. The value of these resources depends on the demand from manufacturers who make consumer products.
Reflect: What opportunities would an abundance of natural resources create for a country?
Press the ‘Hint’ button for help with this reflection question.
Countries around the world have developed trading patterns with other countries. Goods and services are imported (brought into a country) and exported (sent to other countries) around the world. These trade interactions promote connections between countries and build relationships. Foreign trade has allowed countries to set up industries in a relatively short period of time.
Reflect: Why might it be a disadvantage for a country to import more than it exports?
Press the ‘Hint’ button for help with this reflection question.
Colonial rule is a practice or policy of control by one people or power over another people or area with an aim at economic control of that area. During the period of colonial rule, colonies were exploited for natural resources and labour. When colonial powers took resources from countries, they left these colonies with very little economic resources. Therefore, all profits go to the colonizing country. The economic drain of resources for some areas created a poor quality of life for those who lived there. In addition, the colonizing country would impose laws and rules making it difficult for local leaders to emerge.
Reflect: How might the colonial past of a country hinder its economic development?
Corruption is when leaders in the government use public money for their own personal gain or benefit. Corruption occurs in all countries. Rather than spending money on public needs that would contribute to a high quality of life (e.g. education, housing, medical services), the government misuses money.
Reflect: Do you think there should be rules and regulations put in place globally to avoid corruption in governments?
Political instability can occur when a government collapses due to conflict or rampant competition between political parties. Political instability can lead to frequent switches in policies. It can create unrest among society, which lowers rates of productivity growth. On the other hand, political stability can create long-lasting development because the investors, tax-payers, bankers, etc., have a predictable economic policy to follow.
Reflect: Consider your classroom or household. Is there a specific set of expectations or rules that you have to follow? Does this make your day-to-day life easier? What if there were no rules or expectations?
Government expenditure is the same as government spending and investing. Governments spend money on goods and services to satisfy individual or collective needs of a population, improve labour productivity, or provide subsidies to industries that need financial support. Government expenditure can negatively impact economic growth when financed by tax payers and revenues but can positively impact long-term economic growth when financed by other means such as budget surplus.
Reflect: What is one positive and one negative of government expenditure?
Debt load is the total amount of debt (money owing) that is carried by the government of a country. This can occur when a country needs funds for various reasons, such as: infrastructure projects (building roads,constructing factories, maintaining sewage systems, etc.), supporting the economy, funding social programs, military budgets, pensions, and much more. There are two types of debt that a country can have:
- Foreign Debt: refers to the money that a country borrows from another country or international organization. This money is typically paid back with interest over a period of time.
- Domestic Debt: refers to the money that a country borrows from its own citizens, businesses, or institutions within its own country. “Bonds” or “securities” are often issued that represent a promise to repay the money with interest over a period of time.
Some argue that national debt is manageable and not something to worry about. Others argue that debt loads can impact financial stability, as well as trade stability, economic growth, and unemployment.
Reflect: What policies or programs have you heard of that are funded by the government?
Press the ‘Hint’ button for help with this reflection question.
Foreign ownership is when resources or businesses in one country are owned by people from another country. One positive of foreign ownership is that it can bring much needed economic investment into a country in the form of job opportunities. These job opportunities can bring money into the local economy. One negative impact is that foreign owners take a majority of the profits back to their home country, which puts a strain on the other country’s economy.
Reflect: Can you think of any industries that might be part of foreign ownership?
Press the ‘Hint’ button for help with this reflection question.
War not only has an obvious human impact on quality of life, but also has serious economic cost. War can result in loss of buildings and infrastructure, decline in working population, uncertainty, rise in debt, disruption to local economy, and more.
Reflect: War has many economic effects on a country. How do these economic effects impact quality of life for those who are impacted by war?
Reflect: War has many economic effects on a country. How do these economic effects impact quality of life for those who are impacted by war?
Press the ‘Hint’ button for help with this reflection question.
Task 2: Inquiry
In this task, you will be using the inquiry process to explore economic factors. Before you begin, press the ‘Inquiry Process’ button to learn about making an inquiry.
An inquiry is a multi-step process used to formulate questions, gather, organize, and analyse information, evaluate and draw conclusions, and communicate results. Although the stages are not always done in the same order, the following graphic from the Ontario Ministry of Education provides a summary of these steps. Examine the diagram to see how the steps relate.
A graphic representing the inquiry process. There are five stages to the inquiry process, but they are not always done in the same order. One stage is Interpret and Analyse. At this stage we analyse the data, evidence, and information, using different types of graphic organizers as appropriate. Another stage is Gather and Organize. At this stage we collect and organize relevant data, evidence, and/or information from primary and secondary sources and/or field studies. Another stage is Formulate Questions. At this stage, we formulate questions related to the applicable overall expectation in order to identify the focus of their inquiry. Another stage is Evaluate and Draw Conclusions. At this stage we synthesize data, evidence, and/or information, and make informed, critical judgements based on that data, evidence, and/or information. Another stage is Communicate. At this stage, we communicate judgements, decisions, conclusions, predictions, and/or plans of action clearly and logically.
Part 1
In this task, you will be exploring how one or more factors that contribute to economic development have affected different countries, including their quality of life.
Here are your topic choices:
- Foreign ownership of natural resources in Nigeria and/or Indonesia
- Colonial legacy in South Africa or Haiti
- Debt load in Honduras or the United States
- Government expenditures in France or Mali
- Government expenditures on education and healthcare in Chile
You can use the following fillable and printable Q-Chart graphic organizer to help you formulate several rich questions about your topic.
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Press the ‘Activity’ button to access the Q-Chart.
Part 2
Create a presentation about your topic in a method of your choice. Your presentation will explain how the factor has affected economic development in the countries, and how this has directly impacted the quality of life for people who live there. You can use the following fillable and printable Inquiry Presentation graphic organizer to guide your research.
Consolidation
Task 1: Ranking
All of the nine factors of economic development play a significant role on the quality of life in various countries. Rank the factors from 1 to 9 based on how much you think they impact quality of life. Number 1 should be the factor that you feel has the greatest impact on quality of life, and 9 should be the factor you feel has the least impact on quality of life. You can record your rankings using the following fillable and printable Economic Factors Ranking document.
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Economic factor |
My ranking |
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Natural resources |
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Trade patterns |
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Colonial legacy |
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Corruption |
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Political instability |
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Government expenditures |
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Debt load |
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Foreign ownership of resources |
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War |
Press the ‘Activity’ button to access Economic Factors Ranking.
Test Your Skills!
Opinion paragraph
Using a method of your choice, write an opinion paragraph on why you ranked the factors this way.
Reflection
As you read the following descriptions, select the one that best describes your current understanding of the learning in this activity. Press the corresponding button once you have made your choice.
I feel...
Now, expand on your ideas by recording your thoughts using a voice recorder, speech-to-text, or writing tool.
When you review your notes on this learning activity later, reflect on whether you would select a different description based on your further review of the material in this learning activity.