Parameters Of Development

Economic development is a process

Economic development is a process of change over a long period of time. It means a qualitative improvement in economic progress, with more command ove

National income is the value

National income is the value of goods and services produced by a country during an accounting year, valued in money terms. It shows the total level of

Nominal national income is national income

Nominal national income is national income measured at current prices. It changes when prices change, when output changes, or when both change.

Real national income is national income

Real national income is national income measured at constant prices. It changes only because the physical volume of output changes.

Per capita income is the average

Per capita income is the average income of the country’s population. It is found by dividing national income by total population.