What is meant by economic development? What are the two bases of measuring economic development of a country?
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Economic development is the sum of all the development of economic wealth of countries or regions for the well-being of their inhabitants.
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Economic Development refers to the adoption of new technologies, transition from agriculture-based to industry-based economy and improvement in lifestyle.
Two bases of measuring development of a country are :
- Average or per capita income.
- National income and public facilities.
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