Socio-economic Development And Empowerment Of Disadvantaged Groups — Flashcards

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Development means improvement in people's lives through better education, income, skills, and employment. It is a process of social and economic transformation shaped by cultural and environmental fac…

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Socio-economic development is measured by indicators such as GDP, life expectancy, literacy, and employment levels. These indicators show progress in the economy and in people's quality of life.

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Social development is the transformation of social institutions in a way that improves the society's capacity to fulfil its aspirations. It means better social attitudes, behaviour, and more effective…

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Economic development is broader than economic growth. It means improving the economic, political, and social well-being of people, not just increasing income or output.

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Economic growth means an increase in measures such as national income, GDP, or per capita income. It shows growth in output or income, but it does not automatically show better quality of life.

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GDP, or Gross Domestic Product, is the total value of all final goods and services produced within a country's borders in a given year. It is a major measure of national income and output.

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National income is the total value of all income earned by a country's people during a given period, usually one year. It includes wages, profits, interest, rents, and pensions.

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Per capita income is total national income divided by the number of people in the nation. It gives an average income per person, but it does not show how equally income is distributed.