Economic development is referred to as a quantitative and qualitative change in the economy. It is also defined as sustained, concerted actions of policymakers to promote the standard of living of inhabitants and the economic well-being of the systems.
These actions and efforts could also mean opportunities to work, earn and enjoy the benefits of the economic activity. There are various types of indicators and metrics used by institutions and economists to assess the economic advancement of a given economy or a nation.
These include measuring the annual increase in Gross Domestic Product (GDP) and Gross National Product (GNP), total economic output and receipt of foreign investments, inequality of wealth, inflation measures, rate of unemployment, demographics, and access to health and quality education.
Economic activity is spurred by the production of goods and services using natural resources, labour, and capital. The value of these goods and services is defined as a price and exchanged in agreed currencies.
From the Book – ‘ Know Everything about Corporate Social Responsibility ‘
Available on Amazon.in
Also Read:
- What is Crony Capitalism?
- What Is Capitalism?
- What is Socialism?
- What is Free Enterprise?
- What is Third World?
- What is the Fourth World?
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