1. Explain the concept of economic development.

Ans. According to Modern Economists, economic development means economic growth plus progressive changes in certain economic variables which determine the well - being of people. It is a qualitative concept.  

Eg. removal of mass poverty, reduction in unemployment, more literary rate, active role of the government for improvement in material welfare particularly of people with lowest income etc.

According to Milton Friedman, “Economic development is an innovative process that leads to the structural transformation of social system.”