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Economic development is the institutional changes made to promote economic betterment. It is the social organizational changes made to promote growth in an economy.

It is also the process of improving the quality of human life through increasing per capita income, reducing poverty, and enhancing individual economic opportunities.

In other words, the process of improving the quality of human life through increasing per capita income, reducing poverty, and enhancing individual economic opportunities is called economic development.

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14y ago

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