INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT2 Marks
Question
Clarify the meaning of Economic Development.
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Answer
Economic development is a multi tasking process in which traditional, psychological and organizational change occur.
Economic development is a broad concept in which economic growth, economic progress, all concepts are included.
In economic development, quantitative and qualitative both changes are considered.
The objective of development increase per capita income, fruit of development reach to poor people and reduce income inequality.
In short, development is a process in which material production growth with economic facility increases so production and consumption is done in proper way.
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