Answer: Development means “improvement in country’s economic and social conditions”. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives.
Dudley Seers while elaborating on the meaning of development suggests that while there can be value judgements on what is development and what is not, it should be a universally acceptable aim of development to make for conditions that lead to a realisation of the potentials of human personality.
Explanation:
Answer:
The law of increasing opportunity cost is the concept that as you continue to increase production of one good, the opportunity cost of producing that next unit increases. This comes about as you reallocate resources to produce one good that was better suited to produce the original good.
