Political Economy Economic Systems Questions
Economic development refers to the process of improving the economic well-being and quality of life of a society or country. It involves sustained and inclusive growth in the economy, which leads to increased production, income, and employment opportunities for individuals and businesses. Economic development encompasses various aspects, including technological advancements, infrastructure development, human capital formation, and institutional reforms. It aims to reduce poverty, inequality, and unemployment while promoting sustainable development and improving living standards. Additionally, economic development often involves diversifying the economy, attracting investments, and fostering innovation and entrepreneurship.