Indicators of Economic Development

What this note covers

1. Economic Growth vs Economic Development: Drawing the Distinction
2. GDP per Capita: The Foundational Measure and Its Limits
3. Gross National Income (GNI): Capturing Who Receives the Income
4. The Human Development Index (HDI): A Composite Benchmark
5. The Genuine Progress Indicator (GPI): Accounting for What Markets Miss
6. Comparative Evaluation: Choosing the Right Indicator
7. Applying These Concepts in HSC Responses

7 sections · 12 key terms & formulas · 6 common mistakes