What is economic development?
Understand the Problem
The question is asking for a definition or explanation of economic development. This typically involves understanding how economies grow and improve over time, including factors like income levels, quality of life, and infrastructure improvement.
Answer
Economic development improves quality of life by fostering economic growth, innovation, and job creation.
Economic development is the process of creating conditions for economic growth and improved quality of life by expanding the capacity of individuals, businesses, and communities to maximize their talents and skills, supporting innovation, job creation, and private investment.
Answer for screen readers
Economic development is the process of creating conditions for economic growth and improved quality of life by expanding the capacity of individuals, businesses, and communities to maximize their talents and skills, supporting innovation, job creation, and private investment.
More Information
Economic development initiatives are typically geared toward policy intervention, investment in human capital, infrastructure, and increasing the efficiency of resource utilization to improve the economic position of a community or country.
Sources
- Economic Development Basics - CALED - caled.org
- Economic development - Wikipedia - en.wikipedia.org
- What is Economic Development? - Province of British Columbia - .gov.bc.ca
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