INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT2 Marks
Question
State the definition of development as given by Machlup.
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Answer
Economic Development is process which increases the factors of production and creates change in the technique of production due to which per capita income continuously increases and the standard of living continuously rises irrespective whether population remains constant or increases.
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