Question

Expain economic development.

Answer 1

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# Economic development refers when a country has less number of people facing poverty.

# A country can turn into a fully developed country by economic development.

# Economy of a country can improve by employment, education, gender equality and health.

# Unemployment refers to less job opportunities, when less job opportunities, the economy of a country cannot be developed.

# When educated enough, the capability to think increases and turns into an asset.

# When health is proper, infant deaths will decrease and more people will be available for jobs.

# When women are given equal chances, more people will start working developing the economy.

Answer 2

Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues.

Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out, "economic growth is one aspect of the process of economic development".