economic development

Related Terms
Progress in an economy, or the qualitative measure of this. Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.

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When the country is in a state of economic development putting out the right product at the right time can lead to huge profits.
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When we visited some countries which were still in economic development, citizens gathered around us just to look at my smart phone and showed amazement.
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The country was undergoing a lot of economic development and it was really cool to see because a few years ago their economy was bad.
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