Questions and Answers
What is the main goal of economic development?
To improve people's lives through expanded opportunities and improved standards of living
Which sector experiences a shift during economic development?
Agriculture to manufacturing industries
What is a critical component in any plan for sustainable economic development in developing countries?
Reducing poverty levels
How can the standard of living improve as a result of economic development?
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Which factor is NOT considered a key aspect of economic development?
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Where does the debate on achieving economic development primarily lie?
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Study Notes
Economic Development
Economic development refers to the process of improving people's lives by expanding their opportunities through improved standards of living, resources, education, healthcare, infrastructure, and environmental protection. This can happen either within one country or between nations. There is debate over how best to achieve this goal; some believe it can only occur through increased trade and liberalization while others think governments must intervene with policies like subsidies. Whatever approach is used, there needs to be growth in per capita income as well as increases in output and productivity if the standard of living is going to improve.
One major component of economic development is industrialization—the shift from agriculture towards manufacturing industries which pay higher wages and offer more stable jobs. Another significant aspect involves reducing poverty levels across society so everyone benefits from the development process. In developing countries today, around 80% live in vulnerable situations such as extreme poverty. Therefore, measures that help address these vulnerabilities become critical components in any plan for sustainable economic development.
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