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INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT3 Marks
Question
Explain any three characteristics of Economic Development.
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Answer

1. Continuous Process: Development is a long-term, continuous process that starts slowly but gains momentum over time.
2. Quantitative and Qualitative Change: It involves an increase in production (quantitative) as well as improvements in technology and standard of living (qualitative).
3. Change in Demand: As income increases due to development, the pattern of demand shifts from basic necessities to comfort and luxury goods.

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