explain the concept of economic development
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Economic development refers to the process through which a nation may improves its international standings in the global world. This is done through improvement in various fields like economic, political, social, etc.
This term is associated in many fields and disciplines, and is used commonly by economists, politicians, businessmen, etc.
This concept has existed for centuries, since the time of currency and barter as well. As it relates to the rich and poor in a combined group.
Many other concepts are associated with this, such as modernization, westernization, industrialization and globalization.
Economic development is related to economic growth, rising GDP, stable inflation, appreciation of currency, etc.
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