Development

Different people have different notions of development because life situations of persons are different and therefore their aspirations and desires and goals.

Key terms:

• Development. Growth of economy along with the improvement in the quality of life of the people like health, education etc.
• Per capita income. Is the average income obtained as the ratio between National Income and Population of a country.
• National income. Is the money value of final goods and services produced by a country during an accounting year.