Q.Economic development.

Economic development is growth with improvement — a lasting rise in real national and per-capita income together with better living standards, less poverty and inequality, and structural change in the economy. It is broader than economic growth, which counts only the rise in output. This is an AP Intermediate 2nd-year Economics basic concept.

Economic development refers to a process by which a country's real national income and per-capita income increase over a long period, along with qualitative improvements in the standard of living and well-being of its people. Unlike economic growth, which measures only the quantitative increase in output or income, economic development also includes:

1. A sustained rise in real national and per-capita income.
2. Improvement in the living standards of the people — better food, health, education and housing.
3. Reduction of poverty, unemployment and inequality.
4. Structural changes, such as a shift of the workforce and output from agriculture toward industry and services.
5. Better use of resources and advances in technology. …