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Economic Development

Obstacles: Relevant obstacles

  • 3 things to know
  • A2 Units 3 and 4

Overview

Recall questions on Relevant obstacles; including: the extent to which endowment with natural resources is beneficial or whether there is a resource curse.

What you need to know

Answer each one before you reveal it.

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Key term

What types of MEDC trade policies can obstruct LEDC development?

Key term

How do MEDC subsidies to domestic producers affect LEDC exporters?

Key term

Why does poor infrastructure act as an obstacle to economic development?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What types of MEDC trade policies can obstruct LEDC development?

    Model answer

    Tariffs, quotas, subsidies to domestic producers, and non-tariff barriers can all restrict market access for LEDC exports and hinder their development.

  2. 2

    How do MEDC subsidies to domestic producers affect LEDC exporters?

    Model answer

    Subsidies allow MEDC producers to sell at artificially low prices, making it difficult for LEDC exporters to compete in MEDC markets or in world markets where subsidised goods are dumped.

  3. 3

    Why does poor infrastructure act as an obstacle to economic development?

    Model answer

    Poor infrastructure increases transport costs, limits access to markets, reduces productivity, and deters both domestic and foreign investment.

  4. 4

    What would happen to a country's development prospects if it lacks capital?

    Model answer

    Lack of capital limits investment in productive capacity, infrastructure, and technology, constraining economic growth and development.

  5. 5

    How does lack of technology constrain economic development?

    Model answer

    Without access to technology, countries cannot achieve productivity growth or produce higher-value goods and services, limiting their development potential.

  6. 6

    Define institutional weakness in the context of economic development.

    Model answer

    Institutional weakness refers to poorly functioning legal systems, weak property rights, inadequate contract enforcement, and ineffective regulatory frameworks that deter investment and economic activity.

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