Economic Development

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Economic development means: (1) Constant increase in national income of a country (2) Increase in per capita income of a country (3) Improvement in the living standard of the people. It shows overall …

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Economic Development is qualitative (first stage), while Economic Progress is quantitative (stage after development). Development occurs through new research and innovations (like hybrid seeds increas…

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Countries having less than $735 per capita income are categorized as developing economies according to the World Development Report of 2004 by World Bank.

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1. Less per capita income 2. High population growth (2% or more) 3. Dependence on agriculture (60%+ population) 4. Unequal distribution of income 5. High unemployment (more than 3% of total labour) 6.

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Dual economy means the coexistence of two different economic systems: (1) Backward villages with old farming methods, outdated machinery, orthodox social structure, and less production (2) Modern citi…

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Economic Activities: Aimed at earning or spending money for exchange of goods/services. Examples: farmer, artisan, businessman, teacher activities. Non-economic Activities: Not aimed at obtaining inco…

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1. Primary Sector: Agriculture, cattle rearing, fishing, poultry, forestry, mining 2. Secondary Sector: Small and large industries, factories, construction, electricity, gas, water supply 3. Service S…

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1. Land: Natural resources including forests, rivers, mountains, minerals 2. Capital: Man-made instruments like tools, machinery, buildings 3. Labour: Mental or physical work done for monetary gain 4.