Class 10 economics chapter 1: explain economical and social development
Answers
Answer:
Economic and Social Development. Economic development is a process of structural transformation with continuous technological innovation and industrial upgrading, which increase labor productivity, and accompanied improvements in infrastructure and institution, which reduce transaction costs.
Answer:
Economic growth:
⇒It is quantitative in nature as it deals the quantity of goods and services produced in an economy during a period of time.
⇒It is an automatic in process where government intervention is not needed.
⇒It refers to an increase in the value of real goods and services in an economy.
Economic Development:
⇒It is qualitative in nature as it deals with improving the quality of human life of the people in an economy
⇒It needs government intervention to have developmental policies.
⇒It refers to economic growth and progressive changes in the socio-economic structure of an economy.