Question: What is meant by economic development? What are the two bases of measuring economic development of a country? (Board Term-I DDE 2015-16, (580015,39), 2011)
Answer: Economic development means the rate of production is greater than the rate of increase in population and the rate of growth of GDP is high enough to fulfil the basic needs of the population.
Two bases of measuring development of a country are:
(i) Average or per capita income.
(ii) National income and public facilities.