"The world economy is broadly classified into two parts i.e. developed economy and developing economy." In the light of the statement distinguish between these two economies on the basis of following features: (See Lesson 1) 1. Dependence on agriculture. 2. Heavy population pressure.
Answers
Answer:
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Explanation:
Economic growth brings quantitative changes in the economy. Economic growth reflects the growth of national or per capita income. Economic development implies changes in income, savings and investment along with progressive changes in socio- economic structure of country (institutional and technological changes).
Answer:
The economy changes quantitatively as a result of economic expansion. Income increase at the national or per capita levels is reflected in economic growth. Economic growth entails changes in the country's socioeconomic structure through time and changes in income, savings, and investment (institutional and technological changes).
Explanation:
The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, knowledge, and a decent standard of living. The HDI is the geometric mean of normalised indices for each of the three dimensions.
1. Life expectancy at birth.
2. Primary Education
3. Standard of living.
GDP doesn't include the HDI, as GDP measures the economy of a country which includes economic growth, national income, per capita income
Per capita income is not an adequate indicator of the economic development of a country because of the following reasons :
1. Per capita income does not show how equitably a country’s income is distributed.
2. Per capita does not account for improving human life's longevity or the environment's quality.
3. Per capita income is wealth that determines economic welfare and not current income.
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