Question

what is development mention any four features of development also explain what is rational income

Answer 1

Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. 



Following are the characteristics of development:

1. Different peole can have different developmental goals.


2. Development for one may not be a development for other.

3. Capita income is the most important factor to calculate development.


The rational expectations theory is an economic concept whereby people make choices based on their rational outlook, available information and past experiences. The theory suggests that the current expectations in an economy are equivalent to what people think the future state of the economy will become.



 

Answer 2

Development is by which nations improve the economic ,politic and social well- being .

Two main features are

1) Different people may have different development goals.

2) Development for one may not be development for others .