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

The correct option is D All the above

• Economic growth means increase in output or production.
• Economic development means both more output or production and changes in the technical and institutional arrangements by which factors of production are produced and distributed.
  
• So it is achieved by the improvements in technology, production and distribution system.