Economic development is the accumulation of wealth from which the citizens benefit from it. When we hear the word economic development, we automatically think the Domestic product or GDP which is best use to assess the economic growth. However, there are other factors that we need to consider to measure economic development. First is that poverty does not foster in a specific area and employment rate is not evident. Gross national product may be used to measure total income of the resident in a particular country. Second is to know the relationship between the spending and productivity capacity. Third is the human development index which measure the quality of life of the residents. Therefore, GDP alone will not measure economic development.
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CONSIDERATION WHEN MEASURING ECONOMIC DEVELOPMENT
Economic development is the accumulation of wealth from which the citizens benefit from it. When we hear the word economic development, we automatically think the Domestic product or GDP which is best use to assess the economic growth. However, there are other factors that we need to consider to measure economic development. First is that poverty does not foster in a specific area and employment rate is not evident. Gross national product may be used to measure total income of the resident in a particular country. Second is to know the relationship between the spending and productivity capacity. Third is the human development index which measure the quality of life of the residents. Therefore, GDP alone will not measure economic development.
What are the different phases of economic development: brainly.ph/question/6812658
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