What does Economic development refers to?

Solution

Solution: Economic development means the change in growth along with progressive changes in socio-economic conditions of country. Economic growth occurs when real output increases over time. Real output is measured by Gross Domestic Product (GDP) at constant prices, so that the effect of price rises on the value of national output is removed. Sustainable economic growth means a rate of growth which can be maintained without creating other significant economic problems, especially for future generations. There is clearly a trade-off between rapid economic growth today, and growth in the future.