economic development meaning
Definition. Progress in an economy, or the qualitative measure of this. Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.hen the country is in a state of economic development putting out the right product at the right time can lead to huge profits. 5 people found this helpful. When we visited some countries which were still in economic development, citizens gathered around us just to look at my smart phone and showed amazement.