Economic Dimension of Development: The economic sector consists of the system and means of production, its factors or indices, and the various institutions for commerce and industrialization that can enhance material prosperity and efficient distribution of goods and services in society.
With this understanding, economic growth consists of the short or long term increase in capacity to supply diverse economic goods and services to members of society, and its increasing capacity to export the same through trading activities.
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There is the widespread position that economic development is the most important aspect of development that defines other components of development. It is measured in terms of the available means of production, the efficient management of human and environmental resources, available infrastructure, and the technological base that can engender the production of high quality goods and services.
Other factors taken into consideration for the measurement of economic development include market size, investment capacity, and available means of transportation and information technology. Essentially, economic growth may be understood to connote the capacity of an economy to transit from a condition that is more or less static to one that records an annual increase in its gross national product.
From another perspective, economic development is a process of transformation from an economy that is essentially traditional and rural to one that is predominantly urban, industrial and service-providing.
It requires the efficient distribution or allocation of the means or resources required for production, that is, land, labour, capital, and entrepreneurship, in ways that enhance the level of economic activities, income distribution pattern, and fiscal solvency. It consists in progressive changes in the socio-economic structures of a country, and an increase in industrialization, trade, banking, construction, and social services.
It is measured in terms of social well-being and GDP as well as in terms of education, access to health, social justice, good governance, and so on12.
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In contemporary times, economic growth is understood to translate to social development when it results in a widespread improvement in quality of life. This is measurable in terms of access to good employment, social security and diverse social amenities such as good roads, electricity, water, and health facilities. Other indices with which social development in measured include good governance, social justice and qualitative and assessable system of education.
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