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economics growth

economics

ECONOMIC GROWTH AND DEVELOPMENT | CAUSES, SOLUTIONS, STATEGRIES, CHARACTERISTICS

Economic Growth: A country is said to achieve economic growth when there is an increase in the volume of National output (National Income) arising from an expansion in production.  When there is economic growth, it shows in the form of an increase in income level, an expansion in the labour force, an increase in the total capital stock of the country and a higher volume of trade and consumption.   While Economic development means economic growth coupled with the improvement in the living standard of the people of the country.  This arises from equitable distribution of the National income.  Economic development reveals all aspects of economic activities and emphasizes more on distribution of facilities between various areas. CHARACTERISTICS OF ECONOMIC DEVELOPMENT Improvement in the general welfare of the people. Equitable distribution of the National income Reduction in the level of unemployment. Increase in real income of the citizen. Increase in… Read More »ECONOMIC GROWTH AND DEVELOPMENT | CAUSES, SOLUTIONS, STATEGRIES, CHARACTERISTICS

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