Question

What is meant by economic development ? What are the two bases of measuring economic development of a country ?​

Answer 1

Explanation:

When the growth rate of production of goods and services exceeds population growth rate we call it economic development. The two bases of measuring economic development are i) national income ii) per capita income

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Answer 2

Answer:

Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development. When social scientists study economic development, they look at a lot of things.

Two bases of measuring economic development of a country are -

National Income and Per Capita Income.