Question: What Is Meant By Economic Development Class 10?

What is an example of economic growth?

Economic growth is defined as an increase in a nation’s production of goods and services.

An example of economic growth is when a country increases the gross domestic product (GDP) per person.

The growth of the economic output of a country.

As a result of inward investment Eire enjoyed substantial economic growth..

What are the two aspects of development class 10?

Development is a positive growth or change in economical, social and political aspects of a country. Two aspects of development are: (a) Economic development or rise in income of people. (b) Social development, which includes education, health and public services.

What are the 5 key economic indicators?

Top Economic Indicators and How They’re UsedGross Domestic Product (GDP) GDP is a lagging indicator. … The Stock Market. The stock market is a leading indicator. … Unemployment. Unemployment is a lagging indicator. … Consumer Price Index (CPI) … Producer Price Index (PPI) … Balance of Trade. … Housing Starts. … Interest Rates.More items…•

What is economic development Short answer?

Economic development is defined as an increase in a country’s wealth and standard of living. It is usually measured by an increase in the gross domestic product (GDP) or other measure of aggregate income.

How can I study economics class 10?

Study Tips For Preparing Economics Exam 2020Treat NCERT books like the bible as they are according to the syllabus prescribed by the CBSE. … Various reference books are also available in the market which can be referred for more information.Some renowned reference books for class 12th Economics books are T.S.More items…•

What is meant by money?

Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.

What are the features of development?

These are:It is a continuous process.It follows a particular pattern like infancy, childhood, adolescence, maturity.Most traits are correlated in development.It is the result of interaction of individual and environment.It is predictable.It is both quantitative and qualitative.More items…

What are the 4 types of economic development?

Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

What are the five stages of development?

In 1965, a psychologist named Bruce Tuckman said that teams go through 5 stages of development: forming, storming, norming, performing and adjourning. The stages start from the time that a group first meets until the project ends.

What are the economic stages?

Economic cycles are identified as having four distinct economic stages: expansion, peak, contraction, and trough. An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.

What is meant by economic development?

In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

What are the 5 stages of economic development?

Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development.

What are the factors affecting economic development?

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.

What is an example of development?

Development definitions. Development is defined as the process of growth or new information or an event. An example of development is the changing of a caterpillar to a butterfly. An example of development is emerging details about a local robbery.

What is the economic development of a country?

Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development. When social scientists study economic development, they look at a lot of things.

What is the different between economic growth and development?

Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development.

What are the characteristics of development class 10?

1 AnswerCharacteristics of Development:(i) What may be development for one may not be development for the others.(ii) For development, people look at mix goals.(iii) Income is the most important component of development, but along with income, people also seek equal treatment, good health, peace and security, etc.

What is level of development in a country?

Standard criteria for evaluating a country’s level of development are income per capita or per capita gross domestic product, the level of industrialization, the general standard of living, and the amount of technological infrastructure.

What is meant by development class 10?

Ans. (i) Development is a comprehensive term which include increase in real per capita income, improvement in living standard of people, reduction in poverty, illiteracy, crime rate, etc. Features. (a) Different persons have different developmental goals. (b) Income is a major component of development.

What is economic development class 10th?

Development means the growth of an economy along with improvement in non-economic goals such as health, education, peace, etc.

What are the types of economic development?

The following are common types of economic development.Infrastructure. Foundational services that improve the efficiency of an economy such as an internet backbone.Education. … Health & Wellness. … Justice. … Safety. … Human Rights. … Consumer Protection. … Fair Competition.More items…•