The two basis for measuring the economic development of a country are and income.

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Detailed Solution

1)      The two basis for measuring the economic development of a country are National and Per Capita Income.
2)      Economic development is a sustained increase in real per capita income that promotes economic welfare by reducing poverty, unemployment, and inequalities in income distribution.
3)      National and per capita income are two bases for measuring economic development.
4)      Per capita income: Per capita income is the average income. It is the income per head of the population per year. Average per capita income helps us to know the actual earnings of citizens of the country. We could estimate the living standard of the people. Economic well-being is measured by income-higher the income, the greater the living standard.
5)      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. It gives a better idea about the progress of a nation. The more goods and services the economy produces, the more will be available for consumption, increasing the value of national income. Higher national income higher economic development of a country.

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