Economic Development: (Conference Hall)
Economic Development: (Conference Hall)
Economic Development: (Conference Hall)
{CONFERENCE HALL}
[EVERYONE PREPARING TO DISCUSS ABOUT ECONOMIC DEVELOPMENT]
KATHLYN: [HANDLING THE FOLDERS]
Good Morning everyone. Please settle down. Our agenda for today is how to develop our economy to be a
better one for the welfare of the citizens. This meeting is going to be led by Mr. Franz Ducusin, has worked
in the financial industry for 8 years and has Accounting & Economics degree and masters in Business
Administration. He is an accredited financial manager.
FRANZ: [WALKING]
This morning, I m going to introduce what economic development is, and prepare yourself [EVERYONE
LOOKING IN TO HIM- ONG] the one who will discuss broadly about it.
First and foremost, let me ask you, [POINTING OUT- ROCHELLE] how can you make our country
economy stronger?
FRANZ:
Hmmm. Is that even possible nowadays?
DIANNE:
We can measure this through improvements in average income of families [NOT SURE]
ONG:
Leisure time and changes in life expectancy, or hospital stays.
KATHLYN:
Standardized testing and literacy results in children.
FRANZ: [SMILING]
All of you got the answers.
Well, as what I have said earlier, the country's economic development is usually indicated by an increase in
citizens' quality of life.
What quality of life is?
'Quality of life' is often measured using the Human Development Index, which is an economic model that
considers intrinsic personal factors not considered in economic growth.
There are hundreds of ways to measure things for the hundreds of different economic development
objectives that communities may have such as literacy rates, life expectancy and poverty rates.
Using the factors of Human Development Index,
If the life expectancy and literacy rate, increases and the poverty rate, decreases in a certain country
> [BETTER JOBS] > [BETTER SALARIES] > [BETTER SHOPPING] > [BETTER REVENUES SHOPS]
> [BETTER ECONOMY]-{act}
ECONOMIC NON-ECONOMIC
FACTORS FACTORS
TRADITIONAL GROWING
ECONOMY
APPROACH
APPROACH
G G
N D
P P
Next is the growing economy approach, this approach defines development including improvements in
material welfare especially for persons with lowest income and eradication of mass poverty with the
availability of resources and their distribution.
[MEDICAL CAMP, HELPING THE DISABLED PERSON]
In growing economy approach, human beings are at the center of economic development.
In non- economic factors presents in a society are the elements which have no direct effect upon the
economy of the country.
EXAMPLES:
[RELIGION, SOCIAL ACTIVITY LIKE PLANTING, ETHNICITY, POLITICAL ELEMENTS]- {act}
The non- economic factors relate to socio- cultural and political changes in the society which either lead to
economic growth or create hindrances to growth.
Underdevelopment takes place when resources are not used to their full socio- economic potential.
It results that local or regional development, is slower in most cases than it should be.
Underdevelopment is co- existence of unutilized and underutilized manpower and unexploited natural
resources.
Of these underdeveloped economies, countries which show the tendency of high growth rate are called
developing economies.
Economic development is the development of economic wealth of countries or regions for the well- being of
their inhabitants.
ONG: [
I hope each of you learn something for today. Thank you.
FRANZ: [STANDING]
Stand still, Mr. Ong
QUESTIONS TO MR. ONG?
SOURCES: