What is meant by economic development ? What are the two bases of measuring economic development of a country ?
CBSE Class X Social Science SA ( 5
marks)
Answers
Economic development means the rate of production is greater
than the rate of increase in population and the rate of growth of GDP is high
enough to fulfil the basic needs of the population.
Two bases of measuring development of a country are :
(i) Average or per
capita income.
(ii) National income and public facilities.
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Economic development:
Economic development is the development of the standard of living of a nation’s people from a poor economy to a rich economy.
Basis of economic development:
Economic growth concerns with an increase in the level of output, but economic development is linked to an increase in output fixed with improvement in the social and political well-being of people within a country. So, economic development encompasses both growth and welfare values.