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Development (Process of change of economic life of people) - Coggle…
Development
(Process of change of economic life of people)
Dimensions
Economic growth
(Estimated growth in national output and income)
Economic development
(Increase in economic welfare)
Indicators
Per Capita Income
Economic welfare
National income
Social Factors
Quality of life
Human Development Index
Consists of
Life expectancy
Literacy Rate
Per Capita Income
Nutritional Level
Calculated by BMI
BMI= [Weight(in Kg)/{Height(in cm)}^2]
Measurement
World Bank
Per Capita Income
Quantitative approach
Only considers income
Not the best method as it hides disparities and overlooks overall development
UNDP
HDI
Qualitative approach
Considers income as well as health and education
Best way to compare development as it studies overall development
Sustainable Development
Economic development in present keeping in mind the development of future generations and simultaneously not damaging the environment
Is the need of the hour
Includes several goals like fossil fuel conservation, water conservation, preventing ozone depletion, biodiversity protection, etc.
Public Facilities
Provided by government as it is too costly to be provided by the private companies.
Provided at a cost that can be born by the public.
Includes Water, Electricity, Public Infrastructure,Health,Education, etc