Development
IMPORTANT TERMS AND CONCEPTS
Traditional Notion of Development. Different persons depending on their present status and situation have different views/expectations (and sometimes conflicting also) about development. Different notions will prevail if people come from different background like rich family or poor family; rural or urban; urban employed or a farmer. But one thing is common in traditional notion and that is rise in monetary income and thereby own more goods and services than before. But now, notion of development has undergone a drastic change. Money is the only factor necessary for development.
National Income. Total value of all goods and services produced within a country plus income coming from abroad.
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