Question

what is economic development ?what are the two bases of measuring economic development?

Answer 1

Economic development means that the rate of production must be faster than the rate of increase in population. In other words, it is a process which makes people in general, better off by increasing their command over goods and services and by increasing the choices open to them.
Two bases of measuring economic development of a country are -
National Income and Per Capita Income.

Answer 2

• Economic development means the rate of production is greater than the rate of increase in population and the rate of growth of GDP is high enough to fulfil the basic needs of the population. Two bases of measuring development of a country are : (i) Average or per capita income

• It’s the process by which a nation improves the economic, political and social well-being of its people.  The two basis of measuring economic development are human development index and per capita income