Question

What are the effect of economic development

Answer 1

Answer:

This essay has examined both the positive and negative effects of economic growth on society. Some of the positive impacts include an increase in wealth/reduction in poverty, improved standards of living, health, education and infrastructure and technology.

Answer 2

Effects of economic development are multifold.

Explanation:

• The greatest impact of economic development can be seen in form of improvement in the standard of living of the people.
• Since there is a development in the economy, more and more goods are produced to keep up with the pace of development.
• As the number of goods produced by the firm increases, their demand also increases. People are able to get the same products at cheap prices which ultimately improve their standard of living.
• Economic development also means infrastructural development in an economy.
• The economy will see more schools, hospitals, and such institutions. This will improve health and educational facilities in an economy.