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Gross Domestic Product and Gross National Product: Gross Domestic Product is the sum total of the market values of all final goods and services produced in a country during a period of time say one year while Gross National Product is the money value of the output produced in a country by the nationals of that country
Welfare: economic development can also be measured I terms of economic welfare which is reflected in an increasing inflow of goods and services
Social indicators: the social indicators used in explaining the level of economic development in a country are education, level of employment, mortality rate and life expectancy
Dana05 answered the question on July 3, 2019 at 10:57
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