9 most frequently asked questions on the concept of economic growth

9 most frequently asked questions on the concept of economic growth

Q. 1. Explain economic growth.

Ans. Economic growth is a long run and continuous process when the national-income and per capita income increases over time.

Q. 2. Give any two basic characteristics of economic growth.

Ans. The basic characteristics of economic growth are:

(a) It is a process to raise the standard of living.

(b) It is associated with the increase in per capita income.

Q. 3. Give the definition of economic development.

Ans. According to Prof. Meier and Baldwin, “Economic development is a process whereby an economy’s real national income increases over a long period of time.

Q. 4. State the difference between economic development and economic growth.

Ans. Economic development is a quantitative change while economic growth is a qualitative change.

Q. 5. Give the various methods of measuring economic development.

Ans. (i) National Income as an index of development.

(ii) Per capita real income.

(iii) Economic Welfare Index of Economic Development.

(iv) Occupational Pattern.

Q. 6. Outline any two difficulties in the measurement of economic development.

Ans. (i) Lack of statistical data.

(ii) Non-economic factors ignored.

(iii) Controversy over national income and per capita income.

Q. 7. What do you understand by sustainable development?

Ans. Sustainable development means meeting the needs of the present generation without compromising with the needs of future generations.

Q. 8. When the term of Sustainable Development was first used?

Ans. The term sustainable development was first used by the world conservation Strategy in 1980.

Q. 9 State any one objective of sustainable development.

Ans. It aims at the creation of sustainable improvement in the quality of life for all people.