Question

What indicators should be in place if economic development is to be achieved?

Answer 1

The indicators which should be in place for economic development are :-

• The Gross National Product as well as the Gross Domestic Product should be in place to show the economic development as they are the first and foremost factors which indicate the development.
• The Income of the people is also used to judge the economic growth. Higher the growth more the income of the people.
• Other indicator is the Standard of Living of people, and the standard of living is dependant on the income of the people. As the economy grows, income will grow and there will be a good standard of living for people.
• Productivity of the labor force also indicates the development of the economy. As the marginal productivity increases so increases the economic development.
• The balance between the demand and supply in the market showcases the economic development of any country. There should not major ups and downs, the equilibrium should be maintained properly.
• The role of Technology is also equally important to show how flourished is the economy. As the use of latest technology increases the development also increases.
• The Skill and Specialisation in the labor force is also a sign of good economic growth. They should be constantly learning and upgrading their skills.