Economics development

 Economic development

🌳Economic development is the quantitative and qualitative change in an economy.

🌳Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

🌳Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

🌳Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.

🌳Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.

🌳Economic development is concerned with the happiness of public life.

🌳Economic development comes after economic growth. It is a positive impact of economic growth.

🌳Economic development also refers to:

🌱provision of sufficient and effective physical and social infrastructures

🌱equal access to resources

🌱participation of all in economic activities

🌱equitable distribution of dividends of economy.

🌱Economic development= Economic growth + standard of living

🌱It refers to increase in productivity.

🌱Indicators of economic development are:

Human Development Index (HDI)

Human Poverty Index (HPI)

Gini Coefficient

Gender Development Index (GDI)

Balance of trade

Physical Quality of Life Index (PQLI)

🌱Economic development is the ends of development.

🌱Achieving economic development is linked with end of poverty and inequality.

🌱It is more abstract concept.

🌱Economic development focuses on distribution of resources.