Notes for 4.8.3 Composite indicators - IB | RevisionDojo
4.8.3 Composite indicators Notes
Definition
Composite Indicator
A single measure that combines multiple individual indicators into one index to provide an overall assessment.
Since economic development is a multi-dimensional framework, using a single indicator to measure it, may not give the best representation of its state.
Therefore we can use another set of indicators called Composite Indicators. Examples Include:
Human Development Index (HDI)
Gender Inequality Index (GII)
Inequality adjusted Human Development Index (IHDI)
Happy Planet Index
Human Development Index(HDI)
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Question 1
Recap question
Why might a composite indicator be preferred to a single indicator when assessing economic development?
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Note
Economic development is a complex and multifaceted concept that cannot be captured by a single measure. While traditional indicators like GDP per capita provide valuable information, they fail to capture the broader aspects of human well-being and societal progress. This is where composite indicators come in - they combine multiple measures into a single index to provide a more comprehensive view of development.
DefinitionComposite IndicatorA single measure that combines multiple individual indicators into one index to provide an overall assessment.
Examples of composite indicators include:
Human Development Index (HDI)
Gender Inequality Index (GII)
Happy Planet Index (HPI)
Think of composite indicators like a report card - instead of just looking at one subject grade, you get an overall GPA that summarizes performance across all subjects.
