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Economic development, read pages 73, 74 and 75 and make a mind map -…
Economic development
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Stages of Economic Development :The United Nations classifies a country’s stage of economic development on the basis of its level of industrialization into the following three categories:
• More-developed countries (MDCs): industrialized countries with high per capita incomes, such as Canada, England, France, Germany, Japan, and the United States •
Less-developed countries (LDCs): industrially developing countries just entering world trade with relatively low per capita incomes, such as many countries in Asia and Latin America •
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Paskistan
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Large industry
1947, very few industrial unit, mostly raw material production
1960, first 10 year development plan, steel mills with the help of Russia.
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Q1: what is the difference between economic development and economic growth?
Q2: Which factors hinders the Industrial development of a country?
Answer 1:Economic development is the financial prosperity of a country for instance the GDP. And economic growth is quality of life that humans enjoy in that country. it is represented in terms of Human development index.
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read pages 73, 74 and 75 and make a mind map