What is the best measure of economic development explain in brief?
Gross domestic product is the best way to measure economic growth.
It takes into account the country’s entire economic output.
It includes all goods and services that businesses in the country produce for sale..
Which is the most suitable measure of economic development?
Here is my list of the most commonly used measures of economic development:GNP per capita. [wbgnpmap] [gnppctab.htm]Population Growth [wrpopgr]Occupational Structure of the Labor Force [wraglab]Urbanization [wrurban]Consumption per capita. [wwenergy] … Infrastructure [wwtrans]Social Conditions. literacy rate [wwlitrt]
Which is a better measure of economic well being?
Trends in Household Wealth as Measured by Net Worth Another key measure of the economic well-being of a nation is its wealth. Wealth increases economic welfare by supplementing income for large purchases, unemployment, emergencies, retirement, education, and bequests to heirs.
What are two measures of economic growth?
The total output of the economy can be measured in two distinct ways—Gross Domestic Product (GDP), which adds consumption, investment, government spending, and net exports; and Gross Domestic Income (GDI), which adds labor compensation, business profits, and other sources of income.