Explain any three different bases of comparison of economic development of different nations

/ states..(5 marks)

Three different basis of comparing economic development of different nations are:

a. Income of countries- This indeed is considered as important factor of drawing comparisons between countries. It is the average income or per capita income which is taken into consideration while making comparisons. World bank has specified the criterion for categorising countries into developed, developing and underdeveloped countries.

b . Literacy rate- The above aspect only deals with quantitative aspect. Therefore, apart from income criteria there are other criteria identified under Human development index by UNDP. This would include the literacy rate which is the proportion of the population over age fifteen that can read and write. It gives us a more holistic approach and understanding of the concept of development as it includes those areas which are required to lead a quality life. It would also cover enrolment of children to schools at the primary, secondary and at the higher levels.

c. Life expectancy rate- . Average Life expectancy rate is also taken into consideration, which reveals the overall heath and nutritional standards of the country.


 

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