ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the process by which a nation improves the economic, political, and social well-being of its people
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an increase in the amount of goods and services produced per head of the population over a period of time
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is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area
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none of the above
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Detailed explanation-1: -Economic development is defined as a sustained improvement in material well being of society. Economic development is a wider concept than economic growth. Apart from growth of national income, it includes changes – social, cultural, political as well as economic which contribute to material progress.
Detailed explanation-2: -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-3: -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-4: -Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.
Detailed explanation-5: -Prof. Meier and Baldwin defined economic development as a process by which an economy’s real national income increases over a long period.