Question

Which of the following explains the term economic development?
A) Improvement in the technology involved
B) Improvement in production
C) Improvement in a distribution system
D) All the above

Answer 1

Hint: Economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or individual are improved following specific goals and objectives.

Complete answer:
The term economic development was popular in the twentieth and twenty-first centuries, but the concept has existed in the West for much longer. Other terms commonly used when discussing economic development include "modernization," "Westernization," and, most notably, "industrialization."

Historically, economic development policies were centred on industrialization and infrastructure, but since the 1960s, the emphasis has shifted on poverty reduction. Whereas economic development is a policy intervention aimed at improving people's well-being, economic growth is a phenomenon of increased market productivity and GDP; economist Amartya Sen refers to economic growth as "just one aspect of the process of economic development."

Economists are primarily concerned with economic growth and the economy as a whole, whereas community economic development researchers are also concerned with socio-economic development.

Many institutions of higher learning, including McGill University, the London School of Economics, the International Institute of Social Studies, the Balsillie School of International Affairs, and the Norman Paterson School of International Affairs, offer economic development as a field of study and research.

Economic development is defined as economic growth that is accompanied by an improvement in human well-being. For example, an increase in national income or the production of goods and services is not an indicator of economic development, but rather of economic growth. It should be accompanied by improvements in the quality of life, such as advancements in the technology involved, advancements in production, and advancements in the education distribution system.

Thus, the answer is option ‘D’ i.e, All the above.

Note: Many times, specific countries' economic development goals cannot be met because the state lacks the necessary capabilities. For example, if a country cannot carry out basic functions such as security and policing or core service delivery, it is unlikely that a program aimed at fostering a free-trade zone (special economic zones) or distributing vaccinations to vulnerable populations can accomplish their goals.