What is development mention any two features of development

Asked by admin @ 17/08/2021 in Social Sciences viewed by 291 People

What is development mention any four features of development also explain what is rational income

Answered by admin @ 17/08/2021

Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries.

Following are the characteristics of development:

1. Different peole can have different developmental goals.

2. Development for one may not be a development for other.

3. Capita income is the most important factor to calculate development.

The rational expectations theory is an economic concept whereby people make choices based on their rational outlook, available information and past experiences. The theory suggests that the current expectations in an economy are equivalent to what people think the future state of the economy will become.

What is development mention any two features of development

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