What is meant by economic development what are the ways of measuring economic development of country
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economic development means means the financial development and economic development is a most important development of the country if any country want to become a developed country in it is import to be developed economically and economics is a is a important part of the education and there are various measures in which phase of measures in which economic development of country and controlling the economics the economics the study of Economics for the economic development
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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.
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.
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