Question

what is the meaning of economic development?

Answer 1

economic development is the development in which the nation improve its economic social and political well being of its people

Answer 2

Answer:

Economic development is a situation characterized by the shift of the economy from a lower income group of people to a higher income group of people, thereby, improving the standard of staying of the citizens.

Explanation:

1. It  is a broader concept than economic growth as it contains more parameters in it.

2. There are many methods to calculate the level of economic development.

3. The single popular method is the HDI (Human Development Index) which calculates it on the basis of birth rate, life expectancy, literacy ratio, death rate, sex ratio, etc.

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