Meaning nature and significance of economic development
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Economics is concerned with economicactivity which involves production and consumption of goods and services for the ultimate sales of human wants. Therefore production, consumption exchange and distribution are various activities of human beings. ... Economics is a growing or developing science of increasing importance.
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Economic development has been associated with a sustained increase in real per capita GDP over fairly long periods of time. Equally compelling, though less pervasive, has been an essentially harmonious relationship between the growth of per capita GDP, macroeconomic stability, and a better distribution of income.
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