Answer: Economic development, is the process by which the economic well-being and quality of life of a nation, region or local community are improved according to targeted goals and objectives.Indication of a country’s economic development are Gross Domestic Product (GDP) per capita, the poverty level, life expectancy, the proportion of workers in agriculture, unemployment rate, social cohesion, and changes in the physical quality of life. Economists however generally believe that, economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. it is pertinent to note that highly developed countries have governments that focus on these important areas.
