Question

2. What is meant by economic development? What are the two bases of measuring economic development of a country

Answer 1

Explanation:

Economic development means that the rate of production must be faster than the rate of increase in population. In other words, it is a process which makes people in general, better off by increasing their command over goods and services and by increasing the choices open to them.

Two bases of measuring economic development of a country are -

National Income and Per Capita Income.

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Answer 2

Answer:

Economic development means the rate of production is greater than the rate of increase in population and the rate of growth of GDP is high enough to fulfill the basic needs of the population.

Explanation:

Two bases of measuring economic development of a country are:

i - Average or per capita income.

ii - National income and public facilities.

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