Question

1. What is economic development? Explain various measures of
economic development.
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Answer 1

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• Generally, economic development is a process of change over a long period of time. Lipsey maintains that there are many possible measures of a country's degree of development, income per head, the percentage of resources unexploited, capital per head, saving per head and amount of social capital.

Answer 2

Generally, economic development is a process of change over a long period of time. Lipsey maintains that there are many possible measures of a country's degree of development, income per head, the percentage of resources unexploited, capital per head, saving per head and amount of social capital.