Question

What is economic development ​

Answer 1

Answer:

Economic development is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

Explanation:

There are five stages in Rostow's Stages of Development:

traditional society,

preconditions to takeoff,

takeoff,

drive to maturity,

and age of high mas consumption.

In the 1960s, American economist called W.W. Rostow developed this theory. It is based off of the models of economic activities.

Answer 2

$\bf\huge\underline{Answer}$

Economic development is a process by which a nation improve itself in terms of everything, like politics, social, economic and human well being.

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