Indicators of Growth and Development
Gujarat Board · Class 12 · Economics
Flashcards for Indicators of Growth and Development — Gujarat Board Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is Economic Growth? Give a complete definition.
Answer
Economic Growth refers to a continuous increase in the real national income and real per capita income of a country over a long period of time. It is a quantitative change that shows increase in total…
What is Economic Development? How is it different from growth?
Answer
Economic Development is a multidimensional process involving both quantitative and qualitative changes. It includes increase in real national income plus structural changes in economy, society, and in…
List the key differences between Economic Growth and Economic Development (at least 5 differences).
Answer
1. Growth is occurrence; Development is process 2. Growth involves only quantitative changes; Development involves both quantitative and qualitative changes 3. Growth focuses on distribution of availa…
What are the four main indicators of economic development?
Answer
1. Growth Rate of National Income - measures continuous increase in real national income 2. Growth Rate of Per Capita Income - measures average income per person 3. Physical Quality of Life Index (PQL…
What are the limitations of National Income as an indicator of economic development?
Answer
1. Difficulty in calculating true national income (double counting, self-consumption, illegal income, tax evasion) 2. Population factor not considered - if population grows faster than national income…
How is Per Capita Income calculated? Why is it better than National Income as an indicator?
Answer
Per Capita Income = Gross National Income ÷ Total Population It's better than National Income because: 1. Takes population into account 2. Shows average income per person 3. Recommended by UNO expert…
According to the data given, which country has the highest per capita income and growth rate in 2014?
Answer
Highest Per Capita Income: Norway (64,992 US$) Highest Growth Rate: China and India (both 7.3% for national income growth; India 6.0% and China 6.7% for per capita income growth) This shows that whil…
What are the limitations of Per Capita Income as an indicator?
Answer
1. Only Estimates - Population census not done yearly, so approximate data used 2. Calculation difficulties - Same problems as national income calculation 3. Shows only average - Doesn't reveal income…
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