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Economics

QuestionAnswer
Define development Development refers to the process as a result of which along with increase in per capita income, there is reduction in inequality, poverty, illiteracy and diseases. In other words, there is improvement in the economic welfare of the people and their
How can we achieve our hopes and possibilities in the present world? Through a democratic political process
Mention four characteristics of development i. Different people have different developmental goals ii. What may be development for one may not be development for another. It may be destruction for the other. iii. Income is the most important component of development, but along with income, peop
Define national development National development is a comprehensive term which include improvement in the living standard of people, increase in per capita income, providing social amenities like education, healthcare, etc to the citizens of the country.
What are the aspects covered under national development? i. Under national development, the government decides what would be a fair and just path for all. ii. Under national development, those programs and policies are implemented which would benefit a large number of people. iii. Under national development
why do different people have different notion of development? i. Different people have different notion of development because they have different desires and aspirations ii. Also, because their life situations are different. A person’s goal depends on his present life situations, change in the situation will als
Different people have different development goals which may be conflicting. Explain with the help of examples. i. Different people can have different developmental goals and their goals may be conflicting. Development for one person may not be development for another person ii. Development for one person may even be destructive for the other person iii. For ex
Explain why average income is an important criterion for development of a country. i. Average income gives us an idea of what an average person is likely to get out of the total national income ii. Average income is used to classify the countries into rich, poor and developing nations. iii. Average income is used to make economic po
Define economic development Economic development refers to process of increase in growth and welfare of people; improvement of quality of life and increase in per capita income.
what are the limitations of per capita income as a measure of comparison? i. It does not give a true picture of disparity existing among people of the country ii. It does not give a true picture of distribution which also impact development. iii. It ignores education, health, life expectancy and good sanitation, etc. iv. I
Define sustainable development It refers to the development of the present generation that does not harm the ability of future generations to meet its needs.
Why is the issue of sustainability important for development? i. Development must be in relation with the future, that is, present generation should not develop at the cost of future generation. ii. If national resources are exploited and depleted by the present generation, the development will stagnate after a p
How can sustainable development be achieved? i. Conservation of resources: sustainable development can be achieved by using the resources judiciously particularly non-renewable resources ii. Spreading awareness: it can be achieved by spreading awareness among the people about the need to protect
Created by: Samridh
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