Question

sorry no question - this was a mistake - please withdraw my question

Answer 1

friend thank you...Economic development is the growth of the standard of living of a nations people from a low-income (poor) economy to a high-income (rich) economy. When the local quality of life is improved, there is more economic development.Explanation: There are five stages in Rostow's Stages of Development: traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mas consumption. In the 1960s, American economist called W.W. Rostow developed this theory. It is based off of the models of economic activities.Economic development is defined as an increase in a country's wealth and standard of living. An example of economic development is when a country begins to produce more products and increase its overall wealth.In order for any community to survive, its citizens must have employment opportunities, and its government must be able to generate revenue to provide services. Economic development, if done effectively, works to retain and grow jobs and investment within a community.The principal theories of economic growth include: Mercantilism – Wealth of a nation determined by the accumulation of gold and running trade surplus. Classical theory – Adam Smith placed emphasis on the role of increasing returns to scale (economies of scale/specialisation).Higher economic growth leads to higher tax revenues and this enables the government can spend more on public services, such as health care and education e.t.c. This can enable higher living standards, such as increased life expectancy, higher rates of literacy and a greater understanding of civic and political issues.