IAS (Admin.) Mains Geography Economic Geography-World Economic Development Study Material (Page 1 of 7)

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World Economic Development: Development vs. Growth

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Introduction

Economic development refers to increase in standard of living in nation՚s population with sustained growth from simple, low-income economy to modern, high-income economy. In addition, if the local quality of life could be improved, economic development would be enhanced. It includes nation՚s process and policies to…

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World Economic Development: Measures of Economic Development

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Measures of Economic Development

Following are some measures for economic development:

Economic Measures

National income is expressed either as Gross Domestic Product (GDP) or as Gross National Product (GNP) . Assuming NFIA is Net Factor Income from Abroad, fc is factor cost and mp is market price, …

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