Question

Assignment

1. What is economic development ?

2. What are the advantages and disadvantages of economic development ?​

Answer 1

Answer:

1. Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. ... Each community has its own opportunities, challenges, and priorities. Your economic development planning must include the people who live and work in the community.

2. advantages: Economic growth creates higher tax revenues, and there is less need to spend money on benefits such as unemployment benefit. Therefore economic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios

disadvantages: economic growth is the inflation effect. Economic growth will cause aggregate demand to increase. If aggregate demand increases faster than the increases in aggregate supply, then there will be an excess demand but a shortage in supply in the economy

Explanation:

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Answer 2

Answer:

Ans 1. A process by which a nation improves the economic, political and social well-being of it's people is known as economic development.

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