What Are Economics Growth And Economic Development?

What Are Economics Growth And Economic Development?

Economics, in a nutshell, deals with the production, consumption and the transfer of wealth. Over the years, with the change in the economy and market structure, many theoreticians and economists have defined the subject is different ways. Now economics can be divided broadly into Micro Economics and Macro Economics. One has to know the terms economic growth and economic development. These are two intertwining terms and but have different meanings altogether. Economics growth refers to the quantity of development whereas economics development refers to the quality of development.

Economic growth is calculated in terms of Gross Domestic Product and Gross National Product whereas economic development deals with the development of various sectors of the economy and the tertiary factors. A gradual rise in Economic growth after Independence was facilitated through the strict five-year plans. Coming back, a student of Class 11 is taught the various nuances of these terms in relation to India profoundly. The chapter and learning here can help the learner have strong fundamental knowledge of Indian economy and the actions taken in the past to strengthen the same with the help of various five-year plans. It also helps to make the learner understand the concepts of growth and development keeping in view various segments of the economy.

Chapter 1- Economy on the Eve of Independence

The Class 11 Economics Chapter 1 gives us an idea about the state of the country’s economy pre-independence. At that time, the various sectors of the economy like agriculture, trade, and commerce, infrastructure,etc.are connectedand complementary, all leading to economic growth and development. The topics are:

  • Introduction
  • Low Level of Economic Development under the colonial Rule 4
  • Agricultural Sector
  • Foreign Trade
  • Demographic Condition
  • Occupational Structure
  • Infrastructure
  • Conclusion

What is the role of the NCERT Solutions?

You must first go through the specific chapter which in this case is Economy on the Eve of Independence. Once you read the chapter thoroughly, go through the Indian Economic Development class 11 NCERT Solutions Chapter 1Then solve the question and answers given in the solution book, or you can go through the given answers as well. Solution papers are mandatory when you need to top any examination because they give you a fair idea about the questions that can be asked in the exam and also helps you to complete a paper in time. You develop a speed and also develop an ability to write an answer without having to think for a long time. To make yourself absolutely prepared, try to solve the paper without consulting the book. See how much you have scored and accordingly revise specific topics so that you don’t lose marks in the main examination. Moreover, these solution papers books come with the course that you undertake online. Hence the learners who want to command the subject and topic can go through it and solve the questions keeping the exam in mind as it is known as a medium scoring subject in the annuals.

Author Information: Mauneel Desai have curated important information needed for this write-up. He is an expert financial expert having cross industry experience on various subjects.

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