Question

what are the important attributes for assessing the development of a country

Answer 1

Thank you for this question. Please find the answer below: 

The important attributes for assessing the development of a country are the following; 

(i) Per Capita Income. 

(ii) Literacy rate. 

(iii) Rate of migration. 

(iv) Provision of basic necessities. 

(v) Balance of Payments. 

(vi) Balance of Trade. 

(vii) Lifestyle of people. 

Answer 2

A 'developed economy' is typically 'characteristic of a developed country' with a relatively 'high level of economic growth and security'

EXPLANATION:

• Typically, a developed economy is a characteristic of a developed nation with comparatively high economic growth and safety rates. Income per capita or 'gross domestic product' per population, the 'degree of industrialisation', the 'general standard of living' and the amount of technological infrastructure are the basic assessment criteria for a country.
• 'Non-economic factors', such as the 'HDI', can also be 'used to measure an economy' or its 'degree of development' by quantifying the 'levels of education', 'literacy and health of a country'. While a gross domestic product (GDP) per head is the common method used to determine whether an economy has developed or developed, there is no strict level for either developing or developing an economical one.
• Economists turn to other variables to assess the state of growth in countries that are difficult to classify. Standard living metrics, such as child mortality rate and life expectancy, are useful even if these measures are not constrained.