Economic development is defined as an increase in a country's wealth and standard of living.
For example, Improved productivity, higher literacy rates, and better public education are all consequences of economic development in a country.
The 3 big questions of economics are – 1.
What to produce? , 2.
How to produce? , 3.
Who to produce it for?
The toughest chapters in Class 12 Economics are Development, Sectors of Indian Economy, Money and Credit, and Globalization and the Indian Economy.
Also, for Important Questions for CBSE Class 12 Macro Economics 2024, check the above article.
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