ECONOMICS
ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Increase public consumption
|
|
|
Increase GNP
|
|
|
Increase job opportunities
|
|
|
Increase income per capita
|
|
|
Improving people’s welfare
|
Detailed explanation-1: -Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. What “economic development” means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.
Detailed explanation-2: -Prof. Colin Clark defined economic development as an improvement in economic welfare. Economic welfare refers to the availability of all the goods and services used by individuals. Thus, it means reducing economic problems such as poverty.
Detailed explanation-3: -Welfare economics seeks to evaluate the costs and benefits of changes to the economy and guide public policy toward increasing the total good of society, using tools such as cost-benefit analysis and social welfare functions.
Detailed explanation-4: -The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes.