Question

what is meant by economic development what are the two basis of measuring economic development

Answer 1

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.

Answer 2

Answer:

To assess the economic development of a country, geographers use economic indicators including: Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year. ... Economic growth measures the annual increase in GDP, GNP, GDP per capita, or GNP per capita.