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| 1. |
Various stages of economic development |
| Answer» a. Economic development is a broad and comprehensive term, it not only includes economic growth but also about increase in the standard of living of individuals.b. It is about leading a good quality life.c. Economic development includes indicators life life expectancy, literacy rate, infant mortality rate etc.d. Mostly all economies go through a similar stages of development.e. In one of the first stages, economies are characterised by subsistence agricultural economy where production is not meant for market , cultivation is done primarily through labour intensive on a small scale. | |