Give the meaning of economic development. What are the two indicators to measure the development of a country?

Question

Answer

Increase in the economy of a country for a longer period of time is refers to as economic development. Per capita income, Literacy rate, Infant mortality rate, Medical facilities, Net attendence ratio can be used to measure the development of a country.

Answer

Economic means on the basis of per capita income,infant mortality rate , life expectancy,etc.it is measure in two way that is on the basis of per capita income by the world bank and HDI by the UNDP

Answer

Economic Development:
Economic development refers to the sustained and continuous growth of an economy that leads to an improvement in the standard of living and well-being of its people. It encompasses various aspects such as economic growth, poverty reduction, employment generation, and the improvement of social indicators.

Indicators to Measure the Development of a Country:
There are several indicators that can be used to measure the development of a country. However, two commonly used indicators are Gross Domestic Product (GDP) and Human Development Index (HDI).

Gross Domestic Product (GDP):
GDP is a widely used measure of economic activity within a country. It represents the total value of all goods and services produced within a country's borders during a specific period. GDP is often used as an indicator of economic growth and is calculated by adding up consumption, investment, government spending, and net exports.

GDP provides a quantitative measure of a country's economic performance and is used to compare the economic development of different nations. However, it does not capture the distribution of income, quality of life, or sustainability aspects, which limits its ability to provide a comprehensive assessment of development.

Human Development Index (HDI):
The HDI is a composite index that measures the overall development of a country by considering various socio-economic factors. It takes into account three key dimensions of human development: health, education, and income.

1. Health: This dimension is measured by life expectancy at birth. It reflects the overall well-being and access to healthcare services within a country.

2. Education: The education dimension is assessed by combining indicators such as adult literacy rate and gross enrollment ratio at different levels of education. It reflects the level of knowledge and skills possessed by the population.

3. Income: The income dimension is represented by the Gross National Income (GNI) per capita, which takes into account the purchasing power and economic resources available to individuals.

The HDI combines these dimensions to provide a more holistic view of a country's development. It allows for comparisons among countries and helps policymakers identify areas that require attention for improving overall human well-being.

Conclusion:
Economic development is a complex process that involves not only economic growth but also social progress and improvement in living standards. While GDP is a commonly used indicator to measure economic development, the HDI provides a broader perspective by considering health, education, and income. These indicators, along with other socio-economic factors, help policymakers and analysts assess the progress of a country and implement appropriate strategies to promote inclusive and sustainable development.

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