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Q.

The two bases for measuring the economic development of a country are ____ and ____.


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Detailed Solution

The two bases for measuring the economic development of a country are National income and Per capita income.
  • Economic development is a sustained increase in real per capita income that promotes economic welfare by reducing poverty, unemployment, and inequalities in the distribution of income.
  • Per capita income: Per capita income is the average income. Average per capita income helps us to know the actual earnings of citizens of the country.
  • National income and public facilities: National income measures the monetary value of the flow of output of goods and services produced in an economy over some time.

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