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Besides Income what are the other aspects of economic development?
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Besides Income what are the other aspects of economic development?
Other Aspects of Economic Development


Employment

Employment is an essential aspect of economic development. It refers to the number of people who are engaged in productive activities and earn a living from it. Economic development ensures that there are enough job opportunities for individuals to earn a livelihood and contribute to the growth of the economy. Creating employment opportunities is crucial in reducing poverty levels and improving the standard of living of people.


Infrastructure

Infrastructure is another critical aspect of economic development. A well-developed infrastructure system facilitates the movement of goods and services, making it easier for businesses to operate efficiently. It includes transportation systems, communication networks, energy, and water supply systems. The development of infrastructure encourages investment, which leads to economic growth.


Education and Training

Education and training play a vital role in economic development. Education equips individuals with the necessary skills and knowledge to be productive members of the workforce. It also leads to the creation of new business opportunities and the development of new technologies. Training, on the other hand, helps to improve the skills of the existing workforce, making them more productive and efficient.


Technology

Technology is a crucial aspect of economic development. It plays a significant role in enhancing productivity, reducing costs, and improving the quality of goods and services. The development and adoption of new technologies lead to the creation of new businesses and industries, which, in turn, creates job opportunities and contributes to economic growth.


Entrepreneurship

Entrepreneurship is the process of creating and managing a business venture to achieve success. Entrepreneurship is essential in economic development as it leads to the creation of new businesses and job opportunities. Entrepreneurs are innovative and bring new products and services to the market, leading to economic growth and development.


Political Stability

Political stability is crucial in economic development. A stable political environment encourages investment and economic growth. A politically stable country is more likely to attract foreign investment, leading to job creation and economic growth. Political instability, on the other hand, can lead to uncertainty and negatively impact economic development.
Community Answer
Besides Income what are the other aspects of economic development?
People wants besides income are as follows:-
(a) security
(b) respect
(c) friendship
(d) good environment
(e) equal treatment
(f) freedom
(g) all family members respect him
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Read the source given below and answer the questions that follows:Different persons can have different developmental goals. What may be development for one may not be development for the other. It may even be destructive for the other. Each one of us seeks different things. We seek things that are most important for them, i.e., that which can fulfil their aspirations or desires. In fact, at times, two persons or groups of persons may seek things which are conflicting. A girl expects as much freedom and opportunity as her brother, and that he also shares in the household work. Her brother may not like this. Similarly, to get more electricity, industrialists may want more dams. But this may submerge the land and disrupt the lives of people who are displaced — such as tribal. They might resent this and may prefer small check dams or tanks to irrigate their land.Besides seeking more income, one way or the other, people also seek things like equal treatment, freedom, security, and respect of others. They resent discrimination. All these are important goals. In fact, in some cases, these may be more important than more income or more consumption because material goods are not all that you need to live. Money, or material things that one can buy with it, is one factor on which our life depends. But the quality of our life also depends on non-material things mentioned above. For development, people look at a mix of goals. Hence, the developmental goals that people have are not only about better income but also about other important things in life.Q. Which of the following statement is true with respect to development?

Read the source given below and answer the questions that follows:Different persons can have different developmental goals. What may be development for one may not be development for the other. It may even be destructive for the other. Each one of us seeks different things. We seek things that are most important for them, i.e., that which can fulfil their aspirations or desires. In fact, at times, two persons or groups of persons may seek things which are conflicting. A girl expects as much freedom and opportunity as her brother, and that he also shares in the household work. Her brother may not like this. Similarly, to get more electricity, industrialists may want more dams. But this may submerge the land and disrupt the lives of people who are displaced — such as tribal. They might resent this and may prefer small check dams or tanks to irrigate their land.Besides seeking more income, one way or the other, people also seek things like equal treatment, freedom, security, and respect of others. They resent discrimination. All these are important goals. In fact, in some cases, these may be more important than more income or more consumption because material goods are not all that you need to live. Money, or material things that one can buy with it, is one factor on which our life depends. But the quality of our life also depends on non-material things mentioned above. For development, people look at a mix of goals. Hence, the developmental goals that people have are not only about better income but also about other important things in life.Q. Apart from income, which of the following people do not look for development?

Read the source given below and answer the questions that follows:Different persons can have different developmental goals. What may be development for one may not be development for the other. It may even be destructive for the other. Each one of us seeks different things. We seek things that are most important for them, i.e., that which can fulfil their aspirations or desires. In fact, at times, two persons or groups of persons may seek things which are conflicting. A girl expects as much freedom and opportunity as her brother, and that he also shares in the household work. Her brother may not like this. Similarly, to get more electricity, industrialists may want more dams. But this may submerge the land and disrupt the lives of people who are displaced — such as tribal. They might resent this and may prefer small check dams or tanks to irrigate their land.Besides seeking more income, one way or the other, people also seek things like equal treatment, freedom, security, and respect of others. They resent discrimination. All these are important goals. In fact, in some cases, these may be more important than more income or more consumption because material goods are not all that you need to live. Money, or material things that one can buy with it, is one factor on which our life depends. But the quality of our life also depends on non-material things mentioned above. For development, people look at a mix of goals. Hence, the developmental goals that people have are not only about better income but also about other important things in life.Q. What can be the development goals for landless rural laborers?

Read the source given below and answer the questions that follows: Different persons can have different developmental goals. What may be development for one may not be development for the other. It may even be destructive for the other. Each one of us seeks different things. We seek things that are most important for them, i.e., that which can fulfil their aspirations or desires. In fact, at times, two persons or groups of persons may seek things which are conflicting. A girl expects as much freedom and opportunity as her brother, and that he also shares in the household work. Her brother may not like this. Similarly, to get more electricity, industrialists may want more dams. But this may submerge the land and disrupt the lives of people who are displaced — such as tribal. They might resent this and may prefer small check dams or tanks to irrigate their land. Besides seeking more income, one way or the other, people also seek things like equal treatment, freedom, security, and respect of others. They resent discrimination. All these are important goals. In fact, in some cases, these may be more important than more income or more consumption because material goods are not all that you need to live. Money, or material things that one can buy with it, is one factor on which our life depends. But the quality of our life also depends on non-material things mentioned above. For development, people look at a mix of goals. Hence, the developmental goals that people have are not only about better income but also about other important things in life. Q. Why do different persons have different notions of development?

Read the given extract and answer the questions that follows:If democracies are expected to produce good governments, then is it not fair to expect that they would also produce development? Evidence shows that in practice many democracies did not fulfil this expectation. If you consider all democracies and all dictatorships for the fifty years between 1950 and 2000, dictatorships have slightly higher rate of economic growth. The inability of democracy to achieve higher economic development worries us. But this alone cannot be the reason to reject democracy. As you have already studied in economics, economic development depends on several factors: country’s population size, global situation, cooperation from other countries, economic priorities adopted by the country, etc. However, the difference in the rates of economic development between less developed countries with dictatorships and democracies is negligible. Overall, we cannot say that democracy is a guarantee of economic development. But we can expect democracy not to lag behind dictatorship in this respect. When we find such significant difference in the rates of economic growth between countries under dictatorship and democracy, it is better to prefer democracy as it has several other positive outcomes.Answer the following MCQs by choosing the most appropriate options:Q. What is meant by economic inequality?

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