Economic development refers to improving living standards and reducing poverty from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Economic development is all about making things better for people. It's about improving their lives in a way that helps them to have more of the things they need and want. When we talk about improving living standards, we mean making sure that people have access to basic things like food, shelter, and clothing. But it's not just about the basics - it's also about giving people the chance to have a better quality of life overall. Reducing poverty is a big part of economic development. Poverty is when people don't have enough money or resources to meet their basic needs. This can lead to all kinds of problems, like hunger, poor health, and limited opportunities for education and work. When we work to reduce poverty, we're trying to make sure that everyone has a fair chance at a decent life. This means helping people to have enough money to buy the things they need, and creating op...
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