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Economic Development

A broader measure than economic growth that considers changes in the standard of living and level of welfare within an economy.

Economic development unlike economic growth can be quantified using lots of different indicators. This is because there are many factors which contribute to a country's standard of living as the diagram below illustrates. The most commonly used measure is the level of nominal GDP per capita, to measure the material welfare and advanaces of the average household. But material expenditure power is not the only indicator of a country's standard of living. For instance the level of healthcare is important as this takes into account how easily this person can live their day-to-day life as well as maintaining a strong and healthy attitude towards work.

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