This involve increase in per capital income this means income per heads by the total population e.g can be found in USA, Europe and Japan.
STAGE OF ECONOMIC GROWTH
- Traditional Society: This is a primitive society where production is guided by natives law and costums.
- Transitional society : Here natives laws and costums grgadually begins to face out and technology is gradually introduced e.g Cameroon.
- Take off stage : This is where all barriers to growth has been overcome. Emergence of new industry as a result of saving availability and investment, introduction of new technology and production eg China, Indonesia.
- Semi-development: This is the case where national income increases more rapidly than population growth rate. There is hight rate of capital investment and technological advancement. Embargment of high level of industralisation. Eg. Japan.
- High level of Development: Here there is high level of technological progress with increase in consumption of goods and services. Greater portion of the population is able to provide them with basic needs. E.g shelter, health facilities. Sustainable development is one where by the meant of the present generation are bean met without jeopardizing the need of the future generation.
INDICATORS OF ECONOMIC DEVELOPMENT
- High level of employment
- Low rate of inflation
- High rate of economic growth
- High qualified labor.
- High real grose domestic products
- High per capital income
