Economic Development and it's indicators

 Economic Development and it's indicators

> Economic Development shows positive qualitative Change in the multidimensional aspects of an economy such as reduction of people poverty , inequality , and unemployment along with economic growth.

> In Modern Days , the concept of economic development also includes improvement of quality of life through cleaner environment better education , good health and nutrition.

> Economic Development is the process in which People in a country become wealthy healthy better educated and have greater access to Good quality housing.

Indicators of Economics development

1. Per Capita Income:

In terms of this indicator's , development is said to take place if the growth rate of nation exceed the growth rate of population. It reveals that the the country is better off gradually and the availability of goods and services has increase.

2. Physical quality of life index [ PQLI ]

PQLI is common indicators of development. PQLI is measured on scale of 1 to 100. If it's value crosses . 50 , the country is supposed to be advanced and if the value lies below 50 the nation are developing. PQLI as an index was developed by Morris D Morris.

3. Humana  Development Index:

The first Human development report introduced a new way of measuring development by combining indicators of life expectancy and it was first serve as frame of reference for both social and economic development.

The basic dimensions of human development index are:

- life expectancy at birth

- adult literacy rate

- gross national product per capita

It is measured on the scale of 0 to 1.

Human development index is divided into three categories:

1. High human development index

2. Medium human development index

3. Low human development index

4. Basic Human Needs