Economic development refers to: (a) institutional change (b) economic growth (c) technological change (d) All of the above
Understand the Problem
The question is from an economics examination, asking about the concept of economic development and what it refers to. The options provided include institutional change, economic growth, technological change, or all of the above.
Answer
All of the above
Economic development refers to institutional change, economic growth, and technological change.
Answer for screen readers
Economic development refers to institutional change, economic growth, and technological change.
More Information
Economic development is a comprehensive concept that involves improvements in economic indicators, institutional frameworks, and technological advancements.
Tips
A common mistake is to conflate economic development exclusively with economic growth without considering the accompanying institutional and technological changes.
Sources
- Economic development - Wikipedia - en.wikipedia.org
- Economic Growth: What It Is and How It Is Measured - Investopedia - investopedia.com
- Economic development refers to ____. a. economic growth b ... - homework.study.com
