econ_devt - Economic Development Part1 What do you...

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Economic Development Part1: What do you understand economic development to mean? Please give real examples of situations in which a country may be developing economically but still underdeveloped? Economic development means different things to different people. Stating the exact meaning of it is not easy. From one point of view, the term ‘economic development’ is the use of the available factors of production; for example, land, capital, labor, and technology in the economy to efficiently enhance a sustained economic growth and the increase in population’s standard of living. As the old traditional concept of economic development has only focused on efficient resource allocation and the steady growth of aggregate output over time, the problems of widespread poverty, discrimination, unemployment, and unequal income distribution occurred. Modernization, westernization, and especially industrialization have been somewhat involved in planned strategies for approaching economic growth. The alteration of the structure of production caused by industrialization
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econ_devt - Economic Development Part1 What do you...

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