Q.Economic development.

Economic development is economic growth plus qualitative improvements in living standards - better education, health, lower poverty and inequality, and structural change. It is 'growth with welfare', not just a rise in output.

This is a 2-mark short note in AP Intermediate 2nd year Economics, treated in line with the NCERT/CBSE understanding of growth versus development.

Meaning. Economic development refers to a process in which the real national income and per capita income of a country rise over a long period, accompanied by improvements in the standard of living and quality of life of the people. Unlike economic growth, which refers only to a quantitative increase in output, development also includes qualitative changes such as better education and health, reduction of poverty and inequality, rise in employment, and structural changes in the economy (for example, a shift from agriculture to …