The process of achieving a quality of life in a country that is comparable to that found in a modern economy is called ________.

Question

Quizplus · Accepted Answer

Economic development is the process of increasing the economic prosperity and well-being of a country through various measures such as improving infrastructure, increasing access to education and healthcare, and promoting economic diversification. It aims to achieve a quality of life in a country that is comparable to that found in a modern economy. Economic modernization refers to the adoption of new technologies and methods of production, which is necessary for economic development, but it is not the same as economic development. Comparative advantage refers to the ability of one country to produce a particular good or service at a lower opportunity cost than another country, while industrial growth refers to the growth of manufacturing industries within a country. Neither of these terms encompasses the full process of achieving a comparable quality of life to that found in a modern economy.

The Process of Achieving a Quality of Life in a Country