Development Concepts - Economic

What is economic development?

• Economic development is the process of reducing the wealth of a nation.

• Economic development is the process of increasing social inequality.

• Economic development is solely focused on improving political well-being.

• Economic development is the process by which a nation improves the economic, political, and social well-being of its people.

Extraction of natural resources like mining, agriculture, fishing and hunting falls under which economic sector?

• a. Quaternary economic sector

• b. Secondary economic sector

• C. Primary economic sector

Processing of primary raw materials and manufacturing is which economic sector?

• a. Primary economic sector

• b.Tertiary economic sector

• C. Secondary economic sector

The highest level of desicion making is which economic sector?

• a. Tertiary economic sector

• b. Quartenary economic sector

• Quinary economic sector

Research and development needed to produce products is which economic sector?

• a. Secondary economic sector

• b. Quaternary economic sector

• Tertiary economic sector