economic development

  

Definition

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.

Use this term in a sentence

  • 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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