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Economic Development

Definition

Economic development is the process by which a nation improves the economic, political, and social well-being of its people.

Analogy

Think of economic development like leveling up in a video game. As you progress through different stages (improving infrastructure, increasing literacy rates, etc.), your overall score (the country's economy) improves.

Related terms

Gross Domestic Product (GDP): This term refers to the total value of all goods and services produced within a country in a given period. It’s like your score in a video game – it represents how well you’re doing.

Human Development Index (HDI): This term measures key dimensions of human development such as life expectancy, education level and standard of living. It’s like checking your character's health, skills and inventory in a game.

Sustainable Development: This term refers to economic development that is conducted without depletion of natural resources. It’s like playing a survival-based video game where you have to manage resources carefully to ensure long-term survival.