What do you mean by economic development!
How will you make international comparison of
economic development ?
Answers
Answer:
Economic development is the process by which the economic well-being and quality of life of a nation, region or local community are improved.
Answer:
Economic development is the process by which the economic well-being and quality of life of a nation, region or local community are improved. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for centuries.
Comparison:-
International comparisons, or national evaluation indicators, focuses on the quantitative, qualitative, and evaluative analysis of one country in relation to others. Often, the objective is to compare one country's performance to others in order to assess what countries have achieved, what needs to change in order for them to perform better, or a country's progress in reaching certain objectives. The data can be as simple as comparing countries' population or gross domestic product (GDP), but these do not evaluate performance. For example, if we'd like to compare the United States' economic productivity to Norway's, we could start by comparing GDP. Norway's GDP is nearly 500 billion U.S. dollars, while the United States' GDP is 15,680 billion dollars.To evaluate fairly, we need to consider population. Norway's GDP per capita is actually larger than the U.S.: $99,558 per person compared to $51,749. Such a metric is a more telling indication for international comparisons which simpler statistics fail to reveal.