2.2 Development

DEFINITIONS:

1. Economic Development : Met only do ind. experienced a increase in real per capita Y1 but they also receive an improvement in their living conditions.
2. Sustainable Development : Development that meets the needs and wants of the present w/o improvements the ability of future generations to meet their own needs and wants.
3. Sustainable Development Goals : Adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.

Explain:

1. The structure of an economy in terms of primary, secondary and tertiary sectors The structure of an economy can be divided into three main sectors:

2. Primary Sector:

• Definition: This sector involves the extraction and harvesting of natural resources.
• Activities: Agriculture, mining, fishing, and forestry.
• Importance: It provides raw materials for the secondary sector and is fundamental in less developed economies.

2. Secondary Sector:

• Definition: This sector is concerned with manufacturing and construction.
• Activities: Processing raw materials into finished goods, such as factories producing cars, textiles, and electronics, as well as building infrastructure like roads and buildings.
• Importance: It adds value to raw materials and is crucial for industrial development and economic growth.

3. Tertiary Sector:

• Definition: This sector focuses on providing services rather than goods.
• Activities: Retail, banking, education, health care, and entertainment.
• Importance: It contributes to a higher standard of living and is predominant in more developed economies, reflecting a shift towards a service-oriented economy. Each sector plays a vital role in the overall economy, contributing to employment, income generation, and economic development. The relative importance of these sectors varies depending on the level of development and industrialization of an economy.

2. The policy objective of sustainable development The policy objective of sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. In the context of OCR A Level Economics, this involves balancing economic growth, social inclusion, and environmental protection.

Key aspects include:

4. Economic Growth: Promoting economic activities that lead to long-term prosperity without depleting natural resources.
5. Social Inclusion: Ensuring that economic benefits are distributed fairly, reducing poverty and inequality, and improving living standards for all.
6. Environmental Protection: Implementing policies to preserve natural resources, reduce pollution, and mitigate climate change impacts. Sustainable development requires a holistic approach, integrating policies across various sectors to achieve a harmonious balance between economic, social, and environmental goals.