Is the process of an economy’s increasing industrialization, standard of living, and economic wealth.

Development is the process of an economy’s increasing industrialization, standard of living, and economic wealth.

When there is a development in economics, they focus on improving the fiscal economic and social conditions in developing countries. Development does not happen over night or at a fast pace but eventually the areas they want to have developed become more economically sound to keep up with the economy's needs. There are 4 stages of economic development, they are expansion, peak, contraction and trough.

Development

Explanation:

Development in economy is the process that cultures or nations undergo when they start to industrialize their economy, when they increase their Gross Domestic Product, and with this the standar of living, along with the increase in economics an increase in education, health and services is observed, that´s why it is called development because the society develops.