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Economic development and its features

Economic development is advancement of economic growth , in economic growth there is a increase in the overall output in the economy but in economic development there is a progressively change in socioeconomic structure of the economy. Economic development involves a steady decline in agriculture's share and corresponding rise in the share of industrial as well as service sector. This transformation in economic structure also shift occupational structure of labor force and improves skill and productivity. 
To understand better suppose in last twenty years two kid are brought up One kid has got education , he knows how to use technology, knows his social rights. while other kid has not got education and doesn't know about technology social rights. But now both are 20 years old,  if you compare these to then first kid is the example of economic development but the other is the example of growth. so Economic growth is the narrow concept while economic development is the broader concept.

Features of economic development  
The economy will move from primary(agriculture)sector  to secondary(industrial)sector or tertiary(service)sector. as a result the share of agriculture in GDP declines consequently there is a rise in share to GDP from secondary and tertiary sector.There will be a advancement in technology so productivity in the economy will increase thus output.Economic development will result in an increase in real per capita income so it will reduce poverty and income inequality. Real income = Real National Income / population.
Economic welfare will be increase in the economy.



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