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

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT5 Marks
Question
State and explain the characteristics of economic development.
✓

Answer

Characteristics of economic development:
$1.$ Economic development is a continuous process:
  • Economic development is a slow but strong process in a predetermined order and direction.
  • It is easy for any country to start development but, difficult to maintain it.
  • In the initial period one can see a quick rise in development but once a country reaches a specific level of development it then shows slower development.
$2.$ Quantitative and qualitative change takes place:
In economic development, output which is a quantitative change increases. Due to research and innovation, the quality of the products which is a qualitative aspect also improves. But, it should be noted that there is more of qualitative improvement rather than quantitative.
$3.$ Demand changes:
  • Development tends to increase the income of the people. This changes their tastes and preferences.
  • For example, in the initial stages of development, people demand more of basic or primary goods but, later they start demanding goods of comfort and luxury.
$4.$ Labour become more dynamic:
Development leads to increase in education of labour which makes it more dynamic.
$5.$ Increases capital formation:
  • Development leads to increase in demand for different commodities.
  • This gives rise to new enterprises who produce such commodities. As a result, the rate of investment and capital formation increases manifolds in the country.
$6.$ Change in technology:
There is a shift in dependence from fire and water based i.e. traditional technology to coal and iron based i.e. modern technology. This results in faster development.
$7.$ Self-motivated development:
After a particular stage, development becomes habit of people and hence it is self-motivating.

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