10 GPSC MODEL PAPER & 1000 Question-Answer By Akparmar

 Terminology in Economics

● Economic progress - The increase in per capita income is economic progress.

● Economic growth - Growth is economic growth that reflects the growth rate of national income or the proportion of the total production of goods and services.

● Economic development - Economic development is a multi-dimensional process.

● Quantitative change - Quantitative change is the increase in total output in various sectors of the economy.

● Qualitative change - Qualitative change is the change in the efficiency of a new method, the efficiency of the new method used, the change in the sector-wise economy.

● Life expectancy - The average life expectancy of a child at birth.

● Adult Literacy Rate - Adult literacy rate according to education in persons aged 15 years and above.

● Infant mortality rate - The number or proportion of children who die before one year of life per thousand live births.

● Standard of living - facilities available to the citizens including water, electricity, drainage, housing, transport, communication, health facilities, calories, protein and fat.

● Expected years of study - Students are expected to study in the same number of years as the expected year of the student in the school in the country.

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● Average years of study - The average number of years spent by students in school in the country.

● Purchasing power - Equality of purchasing power in terms of the value of two currencies for the same items in the domestic market.