Economic Development occurs when economic and social conditions have advanced. What economic advancement refers to is countries that have been living at lower standards are now becoming countries living at higher standards, according to Market Business News. When economic development occurs, the general population improves in academics and well-being.
A massive result of economic development is a longer average life span for the population. Areas that result in a positive shift from economic development would include education, literacy rate, and increased productivity.
Be sure to not confuse economic development and economic growth. The two are different. Economic growth focuses on making the economy larger. Economic Growth is a narrower concept, according to EDUCBA. Economic development looks at how the population of a country is affected. Economic development is more about human impact.
Economic developers, such as Team Volusia, have strategic focus areas that include looking to bring in business attractions, recruitment, marketing, communications, workforce, and entrepreneurship.
To be successful in economic development, you must be familiar with the population’s strengths and weaknesses. Economic development is a long-term process, and a continuous process. An increase in economic development is necessary for a nation to develop to become a Developed Nation.