Question

What is meaning of economic development ?What are the two indicators measuring the economic development of the country?​

Answer 1

Answer:

Economic development is a process which per capita income and economic welfare of people increases in a long term process.

The two indicators are:--

• National income:- It is the sum of total factor incomes of the country during the period of one year.
• Per capita income:- It is calculated by using the given formula:-

$\frac{total \: income}{total \: population}$Hope it helps