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INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT5 Marks
Question
Developed countries aim at maintaining economic growth while developed countries aim at attaining speedy economic development. Explain.
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Answer

$1.$ As per economics, first a county increases its output, national income and per capita income. Rise in these indicators gives the country the title of developing country.
$2.$ Huge population, large scale unemployment, poor infrastructure, less level of literacy and not so good health facilities are the characteristics of a developing nation. Such nations first need to increase national income and per capita income so that there is more supply of money in the economy.
$3.$ In the second stage the developing countries aim at achieving development. They try to improve the standard of living of people by providing them health and education facilities, opportunities to earn more income, etc. When they achieve these they fall into the category of developed nation.
$4.$ The developed nations are called developed because they have already reached a very high economic growth as well as development. After reaching a certain level the growth does not rise as fast as in the case of developing nations.
The focus of developed nations is then to maintain the standard of living i.e. the development it has achieved. To maintain this, the nations’ economic growth-rate should be maintained.
$5.$ Hence, the developed nations aim for economic growth whereas the developing nations aim for economic development.

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