Which is the most suitable measure of economic development?
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Answer:
Economics and statisticians use several method to track economic growth .
The most well known and frequently tracked is the gross domestic product.
Explanation:
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Answer:
Explanation:
Question:
What is the most suitable measure of economic development?
Answer:
Economic development has been seen from different angles which are discussed as below:
1. Gross National Product: rise in GNP indicates the development of the nation. Higher growth rate of GNP means higher development.
2. Per capita income: it is an average income of a national resident which considers both income and population of the country.
3. Human Development Index: it considers an improvement in person capita income, health status as well as educational standard.
4. Sustainable Development: in such development, natural resources and environment are safely protected for future generation. Recently HDI is acknowledged as the most suitable measure of economic development.