Economic Development Measurement

Definition

Economic development measurement refers to the assessment and evaluation of a country's progress and growth in terms of its economic well-being, including factors such as income, employment, education, and standard of living.

Related terms

Gross Domestic Product (GDP): The total value of all goods and services produced within a country's borders in a specific time period.

Human Development Index (HDI): A composite index that measures a country's average achievements in three basic dimensions of human development: health, education, and income.

Gini Coefficient: A statistical measure that represents the income inequality within a population, with values ranging from 0 (perfect equality) to 1 (maximum inequality).