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Parameters Of Development — Revision Notes

ICSE · Class 11 · Economics

Parameters Of Development revision notes for ICSE Class 11 Economics: 4 topics in quick points. Part of the ICSE Class 11 Economics syllabus.

45 questions40 flashcards2 formulas & key relations5 concepts

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An infographic illustrating the three main reasons why GDP may not be an accurate measure of a country's welfare: distribution of GDP, non-monetary exchanges, and externalities.
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Key Topics to Revise

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1. Economic Development and Main Parameters

  • Economic development is a process of change over a long period of time.
  • It implies a qualitative change in the process of economic progress of a society.
  • Development increases people's command over goods and services and widens their choices.
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2. National Income as an Index of Development

  • National income means the value of goods and services produced by a country during an accounting year.
  • National income is valued in money terms.
  • Some economists, including Simon Kuznets, Meier and Baldwin, consider growth of national income the most suitable index of development.
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3. Nominal National Income and Real National Income

  • National income can be measured at current prices or constant prices.
  • When final goods and services are valued at current prices, it is nominal national income.
  • When national income is computed at constant prices, it is real national income.
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4. Why National Income Alone Is Not a Good Welfare Measure

  • If national income rises only because prices rise, economic welfare does not increase.
  • If national income is concentrated in a few hands, the welfare of the whole country may not improve.
  • National income ignores many non-monetary exchanges.

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Full Notes

Key Concepts

Economic development is a processNational income is the valueNominal national income is national incomeReal national income is national incomePer capita income is the average

Frequently Asked Questions

What are the important topics in Parameters Of Development for ICSE Class 11 Economics?
Key topics in Parameters Of Development include Economic Development and Main Parameters, National Income as an Index of Development, Nominal National Income and Real National Income, Why National Income Alone Is Not a Good Welfare Measure. Study these first, then practise questions on each for Class 11 exams.
How should I revise Parameters Of Development for Class 11 exams?
Learn the core ideas first, then work through the 45 practice questions on Parameters Of Development. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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