Define the term ‘economic development’. State the two bases of measuring economic development of a country.
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A process by which a nation improves the economic political and social well being of its people is called economic development.
the two bases of measuring economic development of a country are:
(1) per capita income
(2) national income
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Answer:Economic development- growth of economy along with the improvement in the quality of life of the people like health, education etc.
The two basis of measuring economic development are:
(1) Human development index(HDI).
(2) per capital income.
Explanation:
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