ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on.

Detailed explanation-3: -It increases the efficient production of more goods and services in the organization. The new technology is codified knowledge in the form of routines and protocols. Technology helps to get enough knowledge about the use of economic resources to produce goods and services more efficiently.

Detailed explanation-4: -Economic Development Examples New Businesses: Creating programs to encourage the opening of new businesses. New businesses increase job opportunities that can lower unemployment to effectively make the general population wealthier. Infrastructure: Building better infrastructure through highway improvements.

Detailed explanation-5: -Economic development ideally refers to the sustained, concerted actions of communities and policymakers that improve the standard of living and economic health of a specific locality.