Unit 4.10 · Economic Growth and/or Economic Development Strategies
Institutional Change
AO2
Syllabus Requirement
Strategies to improve development by improving access to banking, including microfinance and mobile banking, empowering women, reducing corruption, and ensuring property and land rights.
Assessment Objectives
AO2Application and Analysis
Summary
Institutional change involves improvements in the rules, organizations, and systems that influence economic activities. This concept is significant in IB Economics as it highlights how strong institutions can enhance economic growth and development by improving market efficiency, investment, and resource allocation.