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IBDP Economics Question Analysis - Economics - Socioeconomics

IBDP Economics Question Analysis

March 4, 2023

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.

Work hard for your IBDP Economics examination!

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