Question

what is meant by economic development​

Answer 1

Answer:

Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development. When social scientists study economic development, they look at a lot of things.

Answer 2

Explanation:

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Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, andgeneral improvement in living standards. Examples :- When the country is in a state ofeconomic development putting out the right product at the right time can lead to huge profits.

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