Economic growth is closely related to economic development. We need economic growth to support economic development because it contributes to increased output and income in the economy, which in turn contributes to prosperity. Increased
Gini Coefficient
Economic Development Explained: Stages, Goals & Impact
What's it? Economic development refers to an economy's progress in terms of quality. It's not just about economic growth. It also talks about a country's multidimensional aspects, such as increasing per capita income, improving education and health,
Gini Coefficient: Unveiling the Math Behind Income Inequality (Calculation, Pros, Cons)
The Gini coefficient, or the Gini ratio or Gini index, is a powerful tool for measuring income inequality within a society. It goes beyond simply looking at a country's average income and sheds light on how wealth is distributed among its citizens.