What is economic development?
Q: What is economic development?
A: Economic development is the growth of a nation's standard of living from a poor economy to a high-income economy, improving the local quality of life in the process.
Q: What is studied by social scientists studying economic development?
A: Social scientists studying economic development look at how it is discussed by historians, how it is happening nowadays, why people invest more money in some places than others, and why people are better at making things to sell in some countries rather than others.
Q: How is economic development measured?
A: Economic development is measured by the growth of a nation's standard of living, which can be quantified using various indicators, such as GDP, GNP, or the Human Development Index.
Q: How does economic development impact the quality of life?
A: Economic development leads to an improvement in the local quality of life, providing individuals with access to better healthcare, education, and other basic needs and services.
Q: What are the benefits of economic development?
A: The benefits of economic development include increased job opportunities, higher income levels, greater access to resources and services, improved infrastructure, and a better standard of living.
Q: Why do people invest more money in some places than in others?
A: People invest more money in some places than in others because of factors such as political stability, favorable business environments, access to resources, and potential for economic growth.
Q: What factors affect a nation's ability to make things to sell?
A: A nation's ability to make things to sell is affected by factors such as access to skilled labor, technological advancements, natural resources, and infrastructure.
