The economic development – different features
Economic development is the process of increasing the degree of utilization and improving the productivity of the available resources of a country, which leads to an increase of the economic welfare of the community through stimulating the growth of national income and economic development is a qualitative aspect.
Economic growth: Economic growth refers to an increase in real terms of the output of goods and services in an economy that is sustainable over a long period time and is measured in terms of value added. Economic growth is quantitative aspect.
Disguised unemployment: Employment refers to an occupation or labor that makes a definite contribution towards the total productivity. Unemployment refers to the existence of labor forces and absence of economic activities that could be carried out by these labor forces. Disguised unemployment refers to participation of labor forces in economic activities resulting in no change in the total productivity.
Capital output ratio: The ratio of the amount of output (results) to the amount of capital employed is termed as a capital output ratio. This ratio is a measure of productivity of capital in an economy and the ratio determines a relationship between the capital invested and the result (output) obtained.
In economics infrastructure refers to social overhead capital and it is the set of conditions on which the superstructure of economic activities is built up.
Economic development is a process that fulfills not only the man; s material needs; however, also improvement in social conditions of his life. Economic development of a country is a process through which the country may experience economic growth and judicious allocation of resources from the primary sector to the tertiary sector.
According to J.A. Schumpeter, economic development is a discontinuity and spontaneous change in the stationary state which forever alters and displaces previously existing equilibrium status of an economy.
Economic development is an important change in any economy. The process upgrades the existing status of any economy. It fulfills not only the man's material needs but also improvement in social conditions of his life. It upgrades the standard of living of the people concerned in social conditions of his life. It upgrades the standard of living of the people concerned and helps to remove poverty and social inequality. This economic development is of paramount importance for any nation.
A trade that is not restricted by import controls such as tariffs (excise duties) and quotas (allocation) is termed as policy of free trade. A free trade policy influences increase in the production of specialized goods and services. A free trade policy works as a catalyst for economic development.
Export processing zones are special zones in which the producers enjoy several incentives from the government. Each zone provides the basic infrastructure such as developed land, well designed standard factory buildings, better roads, uninterrupted power supply, well designed drainage systems and other fiscal incentives. Each zone has the benefit of exclusive postal services, banking services, clearing agents and custom clearing facilities within the zone.
Economic growth: Economic growth refers to an increase in real terms of the output of goods and services in an economy that is sustainable over a long period time and is measured in terms of value added. Economic growth is quantitative aspect.
Disguised unemployment: Employment refers to an occupation or labor that makes a definite contribution towards the total productivity. Unemployment refers to the existence of labor forces and absence of economic activities that could be carried out by these labor forces. Disguised unemployment refers to participation of labor forces in economic activities resulting in no change in the total productivity.
Capital output ratio: The ratio of the amount of output (results) to the amount of capital employed is termed as a capital output ratio. This ratio is a measure of productivity of capital in an economy and the ratio determines a relationship between the capital invested and the result (output) obtained.
In economics infrastructure refers to social overhead capital and it is the set of conditions on which the superstructure of economic activities is built up.
Economic development is a process that fulfills not only the man; s material needs; however, also improvement in social conditions of his life. Economic development of a country is a process through which the country may experience economic growth and judicious allocation of resources from the primary sector to the tertiary sector.
According to J.A. Schumpeter, economic development is a discontinuity and spontaneous change in the stationary state which forever alters and displaces previously existing equilibrium status of an economy.
Economic development is an important change in any economy. The process upgrades the existing status of any economy. It fulfills not only the man's material needs but also improvement in social conditions of his life. It upgrades the standard of living of the people concerned in social conditions of his life. It upgrades the standard of living of the people concerned and helps to remove poverty and social inequality. This economic development is of paramount importance for any nation.
A trade that is not restricted by import controls such as tariffs (excise duties) and quotas (allocation) is termed as policy of free trade. A free trade policy influences increase in the production of specialized goods and services. A free trade policy works as a catalyst for economic development.
Export processing zones are special zones in which the producers enjoy several incentives from the government. Each zone provides the basic infrastructure such as developed land, well designed standard factory buildings, better roads, uninterrupted power supply, well designed drainage systems and other fiscal incentives. Each zone has the benefit of exclusive postal services, banking services, clearing agents and custom clearing facilities within the zone.
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