Which of the following statements is correct regarding Economic Development and Human Development?
A. The basic difference between Economic development and Human development is that Human development entirely focuses on the increase of income whereas the economic development believes in expanding and widening of all aspects of human life be it economic, social, political, cultural, etc.
B. In economic aspect human development is one of the essential elements.
C. The basic idea behind Human development is that it is the use of income and not the income itself that decides the human choices.
D. The real wealth of a nation is its Economy; therefore, the goal of development should be the enrichment of the whole economy.
Answer:B
Which of the following statements is correct regarding Economic Development and Human Development?
A. The basic difference between Economic development and Human development is that Human development entirely focuses on the increase of income whereas the economic development believes in expanding and widening of all aspects of human life be it economic, social, political, cultural, etc. B. In economic aspect human development is one of the essential elements. C. The basic idea behind Human development is that it is the use of income and not the income itself that decides the human choices. D. The real wealth of a nation is its Economy; therefore, the goal of development should be the enrichment of the whole economy.
Explanation: The basic difference between economic development and human development is that economic development entirely focuses on the increase of income whereas the human development believes in expanding and widening of all aspects of human life be it economic, social, political, cultural, etc. In economic aspect human development is one of the essential elements. The basic idea behind this is that it is the use of income and not the income itself that decides the human choices. Since, the real wealth of a nation is its people; therefore, the goal of development should be the enrichment of human life.