Respuesta :

Answer:

Development is the process of increase in economy's industrialization, living standard, and economic wealth.

Explanation:

When there is an upsurge in the earnings of the people, it is observed that it is most probably because of the increased opportunities of income.  

These opportunities increase with increasing industrialization within the economy. Increased earnings raise the overall standard of living of the people and also better the economic status of the people. This entire process is called 'development'.

The economic development is divided into three stages which includes structural transformation, demographic transition, and urbanization process.

The development process in an economy comprises the process of industrialization, improved standard of living, and economic wealth.

Economic development is a process that deals with activities that will increase economic well-being and growth. The process of development would include the following steps:

  • The first step includes a structural transformation that tends to improve the GDP level in the economy through industrialization.
  • Demographic transition deals with managing population growth and fertility rates in the economy.
  • Urbanization emphasizes on increasing living standards and quality of life in the economy.

Therefore, all these would contribute to enhancing economic wealth and capital.

Learn more about economic development here:

https://brainly.com/question/1381010?referrer=searchResults

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