Question

Which of the following explains the term economic development?

• A. Improvement in the technology involved
• B. Improvement in production
• C. Improvement in distribution system
• D. All the above

Answer 1

Answer: (D)

All the above

Economic development is the economic growth accompanied by improvement in well being of man. For example just increase in national income or increase in production of goods and services is not an economic development but it is economic growth. It should be accompanied by improvement in the quality of life like improvement in the technology involved, improvement in production, improvement in distribution system.