How to Measure a Nation’s Development

What is the best way to measure a nation’s development: through income or quality of life?

There are two basic approaches to assessing development: you can focus on the economy or take a closer look at people and their choices or options. Using ideas and concepts regarding economic and socioeconomic forces, what economic and socio-economic “development” indicators do you think would be most useful for international managers to follow in assessing a potential market’s level of development in a particular country or region?