Question

Important questions from the chapter 'Development' (economics)

Answer 1

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Question .1. What is economic development?
Answer : Economic development means that the rate of production must be faster than the rate of increase in population. In other words we can say that it makes people better off by increasing their command over goods and services and by increasing the choices open to them.

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Answer 2

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Answer : Economic development means that the rate of production must be faster than the rate of increase in population. In other words we can say that it makes people better off by increasing their command over goods and services and by increasing the choices open to them.