Employment elasticity is a measure of the percentage change in employment associated with a 1% change in economic growth. It indicates the ability of an economy to generate employment opportunities for its population as per cent of its growth process. This implies that when employment generation is commensurate with the economic growth, there is positive […]
The process of development depends on a host of factors like natural resources, physical and human capital, technology, socio-politico-economic structure of the country. Determinants of development are broadly classified into economic factors and non-economic factors. Economic Factors as determinants of Development Economic factors as determinants of development include natural and human resources. Natural resources (those […]
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Thus, it takes into account both the present and future generations without over exploitation of natural resources and environmental degradation. Features of Sustainable Development: Sustained Rise in Real Per Capita Income There […]
Quality of life is another measure of economic development.Quality of life and standard of living should not be confused as synonyms of each other,even when one supports the other. Quality of Life Standard of Living (i) Quality of life not only refers to the level of consumption, but also the degree of freedom, civil liberties, […]
Economic growth is the continuous improvement in the capacity to satisfy the demand for goods and services, resulting from increased production scale, and improved productivity. The key sources that determine economic growth are Capital formation, Capital-output Ratio, occupational structure, Technological progress etc. A brief description of these is as follows: Capital Formation Capital is the […]
Economic Growth is increase in the capacity of an economy to produce goods and services – compared to one period to other. In simplest terms, it is the rate of change at which an economy is growing year after year or percentage change in the GDP of the country. It’s a narrow concept which focuses […]