IBDP Economics Question Analysis Topic: Economics -
Exam Questions:
What is HDI? What are its uses?
Answer:
For IBDP Economics, you should know:
HDI's full form is called the Human Development Index.
HDI is a statistical method for evaluating a nation's success in terms of its socioeconomic traits, including its citizens' health, education, and standard of living. It is meant to emphasize that a nation's progress should be judged primarily on the basis of its people and their abilities, not on economic prosperity.
The following parameters are used to calculate the HDI:
- Life expectancy
- Years of schooling
- Gross national income per person and corresponding standard of living
The higher a country's HDI, the better.
Note:
The HDI is recognized as one of the best tools for monitoring a nation's development on a regular basis because it is based on all of the important socioeconomic factors that drive economic growth.
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