Which of the following explains the term 'economic development'?
- AImprovement in the technology involved
- BImprovement in production
- CImprovement in distribution system
- DAll of the above
Solution & Step-by-step Explanation
Economic development is a comprehensive concept that includes qualitative as well as quantitative progress. Unlike simple economic growth (which focuses on output increases), development encompasses structural improvements in technology, overall volume of production, and equitable resource distribution mechanisms.