Economic Development in India — Flashcards

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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…

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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 …

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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…

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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…

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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, …

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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…

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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…

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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…