Economic Growth And Economic Development
Telangana Open School (TOSS) · Class 12 · Economics
Complete topic list for Economic Growth And Economic Development in Telangana Open School (TOSS) Class 12 Economics. Key concepts, sub-topics, and what to focus on for board exams.
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Topics in Economic Growth And Economic Development
Concepts of Economic Growth and Economic Development
- Economic growth refers to a sustained increase in the production of goods and services, measured by real national income or GDP.
- Economic development is a broader concept that includes economic growth along with improvements in social, political, and technological aspects.
- Development involves structural changes in society, reduction in poverty, and better access to basic needs.
Objectives of Economic Development
- High rate of economic growth to increase per capita income.
- Economic self-reliance to reduce dependence on foreign aid or imports.
- Modernization through adoption of advanced technology and changes in rural structures.
Indicators of Economic Development
- Real National Income: Measures total output adjusted for inflation.
- Gross National Product (GNP) per Capita: Includes income from abroad; shows average income per person.
- Welfare: Reflects how income distribution and resource allocation affect people's well-being.
Characteristics of Developing Economies (India)
- Low per capita income — India’s GDP per capita was ₹99,155 in 2020–21.
- Agriculture dominates — contributes 17% to GDP and employs over 60% of population.
- Capital deficiency due to low savings and investment.
Key Concepts
Central concept: Economic Development
Frequently Asked Questions
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