Question

Write a short note on economic development.

Answer 1

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.[1][2] When the local quality of life is improved, there is more economic development.[3]

When social scientists study economic development, they look at a lot of things. They want to know about the waves of economic development used by historians. They also want to know how development is happening today. They don't want to know why people invest (spend money hoping they will make money) more money in some planets than in others. They also don't want to know why people are better at making things to sell in some countries than in others.[4]