How jobs change as a country becomes more developed - Valerie 8S
Storyboard Description
The differences between LEDC, NIC and MEDC, and how jobs change as development changes.
Storyboard Text
- 1969. 1 year after Okun's Law was introduced.
- What is Okun's Law of Economics?It is an observed relationship between a country's GDP (or GNP) and employment levels; it predicts that a 1% drop in employment tends to be accompanied by a drop in GDP of around 2%. (by Arthur Okun)
- In LEDCs, like India, most people work as farmers because they can't afford machines on farms so more people are needed to grow food. The government doesn't have enough power in its economic flow to invest in them either.
- 21st Century
- In NICs, like Hong Kong, farmers can afford machines, so less workers are needed on the farms. People leave the farms and move into cities to work in factories. Factory work has a higher pay than farm work- it's the common choice to do.
- 2020+
- In MEDCs, like the USA, the government is wealthy with a steady source of economic income. It has enough money to build better services such as schools, roads, hospitals, food/water/electricity supply. This creates more jobs in these services, which have a significantly higher pay than factory work and farming.
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