What is meant by economic development what are the two bases of measuring economic development?
Answers
Answer:
Economic development means rate of production is greater than the rate of population and the rate of GDP is high enough to fullfill the needs of the population .Two bases of measuring it is national income and per capital income
Explanation:
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Answer:
Economic development is a wide concept which includes economic growth as well as several other factors such as improvement in education, health, maternal mortality rate, child mortality rate etc. it is measured through HDI which uses knowledge, longevity and standard of living .
Explanation:
It can defined as the process in which along with economic growth in an economy, the social well being of the people also improve.
The economic development is referred when there is GDP growth, improvement in literacy rate, decline in maternal mortality rates, infrastructure development etc.
Human development index is given by UNDP, which ranks countries on the basis of development in per capita income, health and education.