List out the indicators of development and explain any three of them.
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Growth rate of National Income:
In this indicator real income is calculated on constant prices
If there is rise in national income, this indicates economic development.
When there is high rate of national income, development rate is high and vice versa
Per Capita Income (PCI):
The average income of the people living in the country is the per capita income.
A rise in PCI is an important indicator of economic development
The rise in PCI indicates economic welfare of the country
Per Capita Consumption (PCC):
The increase in consumption of goods and services by the people is measured in PCC.
Example clothing, food, education, health etc
An increase in PCC shows better quality of life of people and higher economic development of the country.