Economic development is the process by which a nation improves the economic, political,

and social well-being of its people. ... Whereas economic development is a policy
intervention endeavour with aims of economic and social well-being of
people, economic growth is a phenomenon of market productivity and rise in GDP.

From a policy perspective, economic development can be defined as efforts that seek to
improve the economic well-being and quality of life for a community by creating and/or
retaining jobs and supporting or growing incomes and the tax base

Gross Domestic Product (GDP) is the total value of goods and services produced by a
country in a year. Gross National Product (GNP) measures the total economic output of a
country, including earnings from foreign investments. GNP per capita is a country's GNP
divided by its population. (Per capita means per person.)

Gross domestic product (GDP) is the monetary value of all the finished goods and
services produced within a country's borders in a specific time period. Though GDP is
usually calculated on an annual basis, it can be calculated on a quarterly basis as well (in
the United States, for example, the government releases an annualized GDP estimate for
each quarter and also for an entire year).

GDP includes all private and public consumption, government outlays, investments, private
inventories, paid-in construction costs and the foreign balance of trade (exports are
added, imports are subtracted). Put simply, GDP is a broad measurement of a nation’s
overall economic activity – the godfather of the indicator world.

What is the 'Gross National Income (GNI)?’

The sum of a nation’s gross domestic product (GDP) plus net income received from
overseas. Gross national income (GNI) is defined as the sum of value added by all
producers who are residents in a nation, plus any product taxes (minus subsidies) not
included in output, plus income received from abroad such as employee compensation and
property income. GNI measures income received by a country both domestically and from
overseas. In this respect, GNI is quite similar to Gross National Product (GNP), which
measures output from the citizens and companies of a particular nation, regardless of
whether they are located within its boundaries or overseas.

A variety of measures of national income and output are used in economics to estimate total
economic activity in a country or region, including gross domestic product (GDP), gross
national product (GNP), net national income (NNI), and adjusted national income
(NNI* adjusted for natural resource depletion).

What does 'Per Capita' mean?

Per capita is a Latin term that translates into "by head," basically meaning "average per
person." Per capita can take the place of saying "per person" in any number of statistical
observances. In most cases, the phrase is used in relation to economic data or reporting, but
it can also be used in almost any other occurrence of population description.

Per capita income or average income measures the average income earned per person
in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the
area's total income by its total population.