Question

What do you mean by the term economic development?

What is meant by the term economic development?

Answer 1

Economic development is the process of increasing national income or output along with improvement in quality of life and a rise in the standard of living of people. It involves not only economic growth (increase in goods and services) but also reduction in poverty, inequality, illiteracy, and unemployment. It is multidimensional, encompassing both quantitative and qualitative changes in the economy and society.