SSC MTS EXAM

Detailed explanation-1: -The most common metric used to determine if an economy is developed or developing is per capita gross domestic product (GDP), although no strict level exists for an economy to be considered either developing or developed.

Detailed explanation-2: -There’s a strong relationship between GDP and life expectancy, suggesting that more money is better. And yet, when the economy is doing well, when it’s growing faster than average, we find that more people are dying.” In other words, there are great benefits to being wealthy.

Detailed explanation-3: -Unemployment and low income are one of the best examples to understand socio-economic development. If the unemployment rate is high, people have to work for industries that are lower than their ability on a way lesser pay scale.