The concept "development" refers to the structural changes towards betterment.

(i) Long term plan is also known as perspective plan.
(ii) The period of perspective plan is 10 - 30 years.
(iii) This plan brings structural changes in the economy.

Human capital means education and training that make human beings more productive.

Physical planning is nothing but techniques of planning in which resources are allocated in terms of men, materials and machinery.

Financial planning is nothing but techniques of planning in which resources are allocated in terms of money

The process of addition to the existing stock of capital is called capital accumulation.

Economic development depends on economic, political, social and religious factors

Centralized planning means the power of planning and decision making are exclusively in the hand of top management

Planning is a technique, a means to an end being the realization of certain pre-determined and well-defined aims and objectives laid down by a central planning authority. The end may be to achieve economic, social, political or military objectives.

(i) Human resource
(ii) Technical Know - how
(iii) Political freedom

(i) Natural Resource
(ii) Capital formation
(iii) Size of the market

(i) Predominance of primary sector.
(ii) Low per capita income

(i) Economic development was redefined in terms of reduction of poverty, 'inequality' and unemployment within the context of the growing economy.
(ii) During this period redistribution with growth became the popular slogan.

(i) The Traditional Approach.
(ii) The New Welfare Oriented Approach

Economic development was refined in terms of reduction of poverty, inequality and unemployment within the context of a growing economy