Development is a process of going from a state to another state whether it is beneficial or not. Good development plan should be beneficial and improve the lives of the people. For example, the implementation of country wide public transportation system. People can use the public system and at the same time lower the gas emission cause from the use of individual cars.

 

2.       What is meant by the economic development?

Economic development is any actions that involves developing economy. Actions such as policy making, administration of policy, economy studies. Proper policy and studies will ensure that the aim for economic development to be clearer as through the study many factors and issues are identified. Through policy, the importance of economic and people can be protected and guide through any hardship that might happen.

 

3.       What is development economics?

Development economics involves itself with components of the economics such as the macroeconomics and microeconomics. It uses these components to better develop the economy and social condition of the society. Development economics ensure that the people factor is taken care of when making economic decisions.

 

4.       What is important to studying development eco?

The reason why it is important to study development economics is because development economics include human or society as one of the factors to be taken care of when decisions are going to be made and ensure the society adhere to safe economic practices. As the world are more connected through globalization, risks of free market became more bigger as the benefit itself grew too.

 

5.       What is the best indicator of development?

There are many indicators of development. Some might say education, and some might say military strength. Personally, I believe affordable personal hygiene would make a somewhat acceptable indicator or the best indicator of development. Human being will usually put hygiene as somewhat not important factor in life. However, we must have proper sanitization and sewage system to grow as a society. Diseases come from poor sanitization. Better hygiene will better the chance of the society from getting serious diseases and possibly die.

Development has been seen as a major area of controversy in global debates. It is not purely an economic phenomenon but rather a multi-dimensional process on reorganization and reorientation of entire economy including the social system. These ideas are relevant to the notion of development by Sen (1999) in which development can be seen as a process of expanding the real freedoms that people enjoy.  A very notable example of development is the one which can be seen such and observed such as infrastructural development which includes accessibility in terms of services and products which has a direct benefit for the community. Another form of development which is less apparent but very much essential is the participation of people in decision makings and work in hand with the authority to develop any aspect which requires prompt attention.

2.     What is meant by the economic development?

Economic development is focused on quality improvements, the introduction of new goods and services and the dynamics of innovation or entrepreneurship. Apart from that, it also includes improvements in health, lower infant mortality rates, better housing, education (increased literacy), improved in physical and cultural environments and other aspects of human welfares (clean and safe water, sanitation). Adding on, economic growth is a necessary element but not a sufficient condition of a country’s development. Therefore, development is different from growth as it brings broader and deeper definitions in economics. 

3.     What is development economics?

Development economics is a focus on improving fiscal and social conditions in developing countries. It also considers factors such as health, working conditions, education, and international policies with the priority to focus on improving conditions in poor nations. However, the practicality of development economics varies according to culture, social and economic framework of each nation. As such, the social side and political background of a country may also shape the types of strategies for transformation initiatives where it will vary drastically between countries.

4.     What is it important to study development economics?

It is vital to understand development economics in order to understand and implement the best macro and microeconomic policies to uplift countries out of poverty. For instance, this field of study should allow us to have better aspects of development to an extent where we are able to analyse properly on the global population growth which may be a barrier that hinders economic development worldwide. Thus, knowledge on past and current studies of economics must always be in placed as a form of reference to avoid massive economic backwards that will indirectly affect the global market and wellbeing of every individual.

5.     What is the best indicator of development?

On top of Gross Domestic Product (GDP) and Gross National Product (GNP), another necessary indicator for development is the Human Development Index (HDI). The HDI is relevant to analyse development of a particular country because it comprises composite elements such as life expectancy index, education index, mean years of schooling index, expected years of schooling index and above all the income indexes. Therefore, we are able to have more in-depth perspectives as to how we would regard a country’s ranking in terms of development rather than having a single benchmark which does not account for all nation’s weaknesses and strengths.