What Do You Mean By Economic Development Class 10?

What are the features of economic development?

These characteristics were: (i) High rates of growth per capita output and population.

(ii) High rates of increase in total factor of productivity (TFP) i.e.

the output per unit of all inputs.

(iii) High rates of structural transformation of the economy..

What is the role of economic development?

But what is economic development? Economic development is a process of targeted activities and programs that work to improve the economic wellbeing and quality of life of a community by building local wealth, diversifying the economy, creating and retaining jobs, and building the local tax base.

What are the economic stages?

Economic cycles are identified as having four distinct economic stages: expansion, peak, contraction, and trough. An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.

What are the five stages of development?

In 1965, a psychologist named Bruce Tuckman said that teams go through 5 stages of development: forming, storming, norming, performing and adjourning. The stages start from the time that a group first meets until the project ends.

How is economic development is measured?

To assess the economic development of a country, geographers use economic indicators including: Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year. … Economic growth measures the annual increase in GDP, GNP, GDP per capita, or GNP per capita.

What do you mean by economic development?

In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

What are the 5 stages of economic development?

Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development.

What is the difference between developed countries and developing countries?

The two categories are developed nations and developing nations. Developed nations are generally categorized as countries that are more industrialized and have higher per capita income levels. … Developing nations are generally categorized as countries that are less industrialized and have lower per capita income levels.

What is meant by development?

Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. … The identification of these traps enables relating to political – economic – social conditions in a country in an attempt to advance development.

What are the three elements of economic development?

The Elements of Economic DevelopmentThe creation of capacity.Resource analysis.Five basic objectives.Make existing employers more competitive.Encourage new employers.Capture more local dollars.Attract new employers.Access outside sources of capital.More items…

What are the 4 components of economy?

Four Critical Drivers of America’s Economy The four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing. GDP is the country’s total economic output for each year.

What is the main difference between economic growth and economic development?

Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development.

What is level of development in a country?

Standard criteria for evaluating a country’s level of development are income per capita or per capita gross domestic product, the level of industrialization, the general standard of living, and the amount of technological infrastructure.

What is meant by economic?

Economics is a social science concerned with the production, distribution, and consumption of goods and services. … Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

What are the four characteristics of development?

(ii) What may be development for one may not be development for the other. It may be destructive for the other. (iii) Income is the most important component of development, but along with income, people also seek equal treatment, good health, peace, literacy, etc. (iv) For development, people look at mixed goals.

What are the two indicators to measure the development of a country?

Here, we shall look at some of the most common indicators of development used in geography.Gross Domestic Product (GDP) … Gross National Product (GNP) … GNP per capita. … Birth and death rates. … The Human Development Index (HDI) … Infant mortality rate. … Literacy rate. … Life expectancy.

What are the two bases of measuring economic development of a country Class 10?

Two bases of measuring development of a country are : (i) Average or per capita income. (ii) National income and public facilities.

What is the best measure of economic development explain in brief class 10?

The increase in per capita income is a good measure of economic development. In the advanced countries, per capita income has been on continuous increases because the growth rate of national income is greater than the growth rate of population. This has raised the economic lot of the people……

What is an example of economic development?

Economic-development definitions It is usually measured by an increase in the gross domestic product (GDP) or other measure of aggregate income. An example of economic development is when a country begins to produce more products and increase its overall wealth.

Who is the father of economics?

SamuelsonCalled the father of modern economics, Samuelson became the first American to win the Nobel Prize in Economics (1970) for his work to transform the fundamental nature of the discipline.

What is economic development answer?

Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development. … They want to know about the way economic development is discussed by historians.