Choose whether the statement is true/false:

Economic development is the increase in per capita income of a country

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True

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Detailed Solution

The above statement is true.
Economic development is the increase in per capita income of a country.
Economic growth is a phenomenon of market productivity and GDP rise; economist Amartya Sen sees economic growth as merely "one component of the process of economic development." Economic development is a policy intervention aiming to improve people's well-being. While scholars of community economic development are also concerned with social development, economists generally focus on the growth element and the economy as a whole. Income is the most popular measure of economic progress since it is measurable. The revenue strategy, while effective, has several drawbacks. To better understand progress, we must use metrics for environmental sustainability and quality of life.

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