define the term economic development.
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Economic development is the process where low-income national economies are transformed into modern industrial economies.
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Economic development:- is a process by which a nation enhances its standard of living over time.
1) increases in real capita output and incomes.
2) Focuses on improvements in standards of living of population resulting from economic growth.
3) Measured by HDI.
1) increases in real capita output and incomes.
2) Focuses on improvements in standards of living of population resulting from economic growth.
3) Measured by HDI.
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