"The process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives."
Economic development involves the strategies and policies used to promote growth and create jobs in urban areas.
Economic Theory: This includes the concepts of demand, supply, market equilibrium, and welfare economics. It helps in understanding the economic behavior of people and firms.
Types of economic systems: Understanding different economic systems, such as capitalism, socialism, and mixed economy, can help in analyzing the impact of economic policies and the role of government in economic development.
Macroeconomics: This covers topics such as economic growth, inflation, unemployment, and fiscal and monetary policy. It helps in analyzing the overall performance of the economy.
Microeconomics: This covers topics such as market structures, consumer behavior, and firm behavior. It helps in understanding the behavior of individual firms and consumers.
Economic Development: This covers topics such as economic growth, poverty reduction, regional development, and international trade. It helps in enhancing the economic conditions of a region or a country.
Planning and Management: This includes the basics of planning and management such as goal setting, budgeting, and measuring performance. It helps in creating effective economic policies and implementing them efficiently.
Urban Administration: This covers topics such as governance, public services, and urban planning. It helps in understanding the role of public administration in developing urban areas.
Infrastructure Development: This includes topics such as transportation, water supply, housing, and public utilities. It helps in analyzing the impact of infrastructure on economic development.
Environmental Economics: This covers topics such as climate change, natural resource management, and pollution control. It helps in understanding the impact of environmental issues on economic development.
Social Policy and Poverty Alleviation: This includes topics such as social welfare, poverty alleviation, and income distribution. It helps in creating policies that address social inequality and poverty.
Public Finance: This covers the topics of taxation, public budgets, and government expenditures. It helps in analyzing the role of government in promoting economic development.
International Development: This includes topics such as foreign aid, international trade, and globalization. It helps in understanding the impact of international factors on the economic development of a country.
Economic History: This covers the history of economic thought, economic development, and economic systems. It helps in understanding the evolution of economic systems and their impact on economic development.
Innovation and Technology: This covers topics such as innovation, technology and development, and intellectual property. It helps in understanding the role of technology in economic development.
Infrastructure Development: It includes the construction of transportation systems, such as roads, railways, airports, ports or the development of adequate water and sewer systems.
Real Estate Development: It involves the construction of offices, shopping centers, and other commercial or residential buildings.
Tourism Development: This focuses on developing the tourism sector, such as the promotion of tourist destinations, improvement of tourist facilities, and development of tourism-related industries.
Industrial Development: This refers to the creation of factories, manufacturing facilities, or warehouse space for businesses to operate and produce goods.
Entrepreneurship Development: It includes the promotion and support of new businesses, innovators and entrepreneurs through training, skill development, access to finance, subsidies and assistance.
Rural Development: This focuses on the economic growth of rural areas through improvements in agriculture, education, health care, and infrastructure development.
Social Development: This entails the provision of basic needs such as food, shelter, and health care, offering education and training to all, and supporting people to participate in the economy.
Education and Skill Development: It involves providing education and Skill Development to increase people's knowledge and competence for work and entrepreneurship.
Environmental Development: This is the promotion of sustainable and eco-friendly economic practices that protect the environment.
Financial/Investment Development: This refers to the development of financial institutions and investment opportunities that foster economic growth and development in urban areas.
"The concept has existed in the West for far longer."
"Modernization", "Westernization", and especially "industrialization" are other terms often used.
"Economic development policies focused on industrialization and infrastructure."
"Since the 1960s, it has increasingly focused on poverty reduction."
"Economic development is a policy intervention aiming to improve the well-being of people, whereas economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"Economists primarily focus on the growth aspect and the economy at large."
"Researchers of community economic development concern themselves with socioeconomic development as well."
"The economic well-being and quality of life are improved according to targeted goals and objectives."
"To improve the well-being of people."
"Modernization", "Westernization", and especially "industrialization".
"Industrialization and infrastructure."
"Since the 1960s."
"Economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"The growth aspect and the economy at large."
"Socioeconomic development as well."
"The economic well-being and quality of life."
"The nation, region, local community, or individuals."