Ramu’s great grandfather used to work as a farm labourer, now Ramu owns a
small retail shop in the village and he has been sanctioned loan too to buy a
Toto Rickshaw
How do you think Ramu and his family has improved economically over the
days. Explain with the help of a flow diagram.
Answers
Answer:
The cycle of increasing the productivity, to leading to increase in revenue, and increase in assets by investing more leading to further increase in revenue led to growth.
Explanation:
From being a laborer in a farm and working at the farm which is owned by some one else, to being an owner of a shop which is a retail shop, shows that there is growth and development of the family.
Certain factors can be involved in this which can be investing in assets leading to increase in productivity and leading to increase in income, this can further lead to buying and investing in other things leading to growth.
Know more:
Q1) Cycle of growth in Economics?
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Q2) Describe stages of economic development?
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