Economics (NTSE/Olympiad)  

1. Development

Glossary (Development)

1. Developed Economies : These are those economies which are characterised by high level of percapita income and high standard of living.
2. Developing Economies : Those economies which are passing through the stages of growth and development. In such economies significance of agriculture tends to decline whereas the industrial sector grows sharply. e.g. India, Indonesia.
3. Economy : It is a sum total of all the economics activities like production, consumption, distribution exchange etc.
4. National Income : It is the total value of all the goods and services produced within a country plus net income from abroad during a year.
5. Production : When an activity results in a valuable and useful things it is called production.
6. Percapita Income : It is the average income of the people of country in a definite period.
7. Under-Developed Economies : These are the economies which are characterised by low level of per capita income and miserable standard of living. Such economies are not able to exploit their natural resources. e.g. Nepal, Burma etc.
8. Infant Mortality Rate or IMR : Indicates the number of children that die before the age of one year as a proportion of 1000 live children born in that particular year.
9. Literacy Rate : Measures the proportion of literate population in the 7 and above age group.
10. Net Attendance Ratio : Is the total number of children of age group 6–10 attending school as a percentage of total number of children in the same age group.


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