Economic Development in India
Telangana Open School (TOSS) · Class 12 · Economics
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What is economic development?
Answer
Economic development refers to the improvement in the standard of living, health, education, and overall well-being of people in a country. It goes beyond just income growth and includes progress in h…
Define per capita income (PCI).
Answer
Per capita income (PCI) is the average income earned per person in a country during a year. It is calculated by dividing the total national income by the total population. For example, if a country's …
What are the income groups used by the World Bank to classify countries in 2019?
Answer
The World Bank classified countries in 2019 into four income groups based on per capita income: 1. High Income: $12,695 or more 2. Upper Middle Income: $4,096 to $12,694 3. Low Middle Income: $1,046 t…
What is the Human Development Index (HDI)?
Answer
The Human Development Index (HDI) is a measure of development that considers three factors: life expectancy, education (literacy and years of schooling), and real GDP per capita. Countries with higher…
Why is GDP per capita important for measuring development?
Answer
GDP per capita shows the average economic output per person, indicating the standard of living and economic well-being. A higher GDP per capita means more goods and services are available per person, …
What is a dualistic economy?
Answer
A dualistic economy is one where modern, advanced sectors coexist with traditional, backward sectors. In India, urban areas have modern industries and services, while rural areas depend on traditional…
How does technological advancement contribute to economic development?
Answer
Technological advancement improves production efficiency, increases output, and enhances product quality. It helps countries make better use of limited resources. For example, Japan and Germany rebuil…
What are the characteristics of developed economies?
Answer
Developed economies have: 1. High GDP and per capita income 2. High HDI (above 0.8) 3. Dominant service and industrial sectors 4. High standard of living 5. Advanced technology and modernization 6. Lo…
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