Question

explain economic development for 4 marks.

Answer 1

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.[further explanation needed]

Whereas economic development is a policy intervention endeavor with aims of improving the 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".

Answer 2

the economic development refers to the development economically.it is fully based and can be more good by technology,workings etc.
economic development is based on setup of industries also.more and more industries will develop and effect our economy.
economic growth reflects so that gross domestic production or GDP.it indicates an increase in citizen quality of line and is often measured using the human development index.