Question

The most important factor deteming the rate of economic development are

Answer 1

National- Income is the most important factor determining the Rate of economic development

Explanation:

• National- Income ($NNP_{FC}$) is the sum total income accruing  by the people of a country within a specified pd. of time by its economic activities.
• In other words , it denotes the value of total output produced by an economy for a particular pd. of time.
• So, it covers a broad aspect of economy and thus can be considered as the major important factor determining the rate and pace of economic development.

• Per- capita income i.e. avg. income of each resident of a country can also be calculated through dividing the national- income by total population.