Question

how is economic development is measured

Answer 1

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Gross National Product (GNP) measures the economic output of a given nation. GNP can be used to measure the increase in real national income over a given period of time. 

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Answer 2

R.G. 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. But more commonly used criteria of economic development are increase in national income, per capita real income, comparative concept, standard of living and economic welfare of the community etc.