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Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.
refers to the current economic epoch; key element has been the application of science to problems of economic production, which in turn has led to industrialization, urbanization, and .
What does the term sustainable development mean?-First used in in "Our Common Future"-Defined as: "development that meets current needs without compromising the ability of future generations to meet their own needs" What is an economist's point of view on sustainable development? The term "economic development," on the other hand, implies much more. It typically refers to improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. GDP is a specific measure of economic welfare that does not take into account important aspects such as leisure time, environmental quality, freedom, or social justice.
Economic development refers to the enhancement of economic activity in the community. Economic growth is generally a short run concept while economic development is a long term commitment. To illustrate this point, say there are an increasing number of jobs in a local economy. Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. Development economics considers factors such as health.