What you’ll learn4 learning objectivesChoose one objective for a focused lesson, or study the complete topic.11.3.1Development classification• Classification of economies in terms of their level of developmentSyllabus objective11.3.2Income classification• Classification of economies in terms of their level of national incomeSyllabus objective11.3.3Living standards/development indicators• Indicators of living standards and economic development:- monetary indicators including real per capita national income statistics (GDP, GNI, NNI) and purchasing power parity- issues of comparison using monetary indicators- non-monetary indicators- composite indicators:- Human Development Index (HDI)- Measure of Economic Welfare (MEW)- Multidimensional Poverty Index (MPI)- the Kuznets curveSyllabus objective11.3.4Growth and living standards comparison• Comparison of economic growth rates and living standards:- over time- between countriesSyllabus objective