What is mean by economic development explain are the two bases of measuring economic development of a country
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Increase in GDP of any country is an indicator of economic development
It shows the rise in the total output produced by the country.
Output is linked to Development in following way:
If output would rise, it shows increased production in the country which means increase in the income for individual as you need to pay more to workers if you’re increasing production.
Increase in income would increase expenditure of them and thus it shows that they’re developing as they can live a better lifestyle now
It shows the rise in the total output produced by the country.
Output is linked to Development in following way:
If output would rise, it shows increased production in the country which means increase in the income for individual as you need to pay more to workers if you’re increasing production.
Increase in income would increase expenditure of them and thus it shows that they’re developing as they can live a better lifestyle now
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