what is economic development? Explain Fully
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Answer:
Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it's a broad scope. This means a focus on innovation, skills and infrastructure, as well as overall economic growth.
Answer:
In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it's an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people.
It is usually measured by an increase in the gross domestic product (GDP) or other measure of aggregate income. An example of economic development is when a country begins to produce more products and increase its overall wealth.
The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes. Raising per capita incomes is also a stated objective of policy of the governments of all developing countries.
Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development.
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