Various stages of economic development
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Posted by Anvi Garg 6 years, 11 months ago
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Yogita Ingle 6 years, 11 months ago
a. Economic development is a broad and comprehensive term, it not only includes economic growth but also about increase in the standard of living of individuals.
b. It is about leading a good quality life.
c. Economic development includes indicators life life expectancy, literacy rate, infant mortality rate etc.
d. Mostly all economies go through a similar stages of development.
e. In one of the first stages, economies are characterised by subsistence agricultural economy where production is not meant for market , cultivation is done primarily through labour intensive on a small scale.
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