INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT2 Marks
Question
Which two changes occurred in economics due to Economic Development?
✓
Answer
There are two changes that happen in economic development.
They are as under.
$(A)$ Quantitative changes:
$(1)$ Factors of production increases.
$(2)$ National and per capita income increase
$(3)$ Consumption of society increases.
$(4)$ Standard of living increases.
$(B)$ Qualitative changes:
$(1)$ The capacity of factors of production increase
$(2)$ Change in production process
$(3)$ Economic and social structure change
$(4)$ Welfare change in income distribution.
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