Economics is the social science which studies economic activity: how people make choices to get what they want. It has been defined as "the study of scarcity and choice" and is basically about the choices people make. It also studies what affects the production, distribution and consumption of goods and services .Economic development can be defined as the process of improving a nation's, community's, or region's economic well-being and quality of life in accordance with predetermined goals and objectives. Economic development is a result of a combination of market productivity and national welfare values. For example, enhanced productivity, greater literacy rates, and improved public education are all effects of economic development in a nation. “Economic Development” is one of the important concepts in the UPSC/IAS 2023 Economy syllabus which is discussed in this article in detail.

• Economic development means the sustained improvement in society's material well-being.
• In other words, economic development refers to programs, policies, or initiatives aimed at enhancing a community's economic health and quality of life.
• Economic development includes a broader range of concepts than economic growth.
• Apart from national income growth, it includes social, cultural, political, and economic changes that contribute to material progress.
• It includes changes in resource supplies, capital formation rates, population size and composition, technology, skills, and efficiency, as well as institutional and organisational structure.
• These changes contribute to the larger goals of ensuring more equitable income distribution, increased employment, and poverty alleviation.
• It is a long chain of interconnected changes in fundamental supply factors and demand structure that leads to an increase in a country's net national product in the long run.   
• future of economics development is Economic development include changes in income, savings, and investment, as well as gradual changes in the country's socioeconomic structure (institutional and technological changes).
• Development here is related to human capital growth, a reduction in inequality numbers, and structural changes that improve the population's quality of life.
• To assess economic development, qualitative indicators such as the HDI (Human Development Index), gender-related indexes, Human Poverty Index. infant mortality, literacy rate, and so on are used.
• Economic development results in both qualitative and quantitative changes in the economy.
• Economic development reflects progress in a country's quality of life.
• Measurement of economics development. This is the traditional method of assessing economic development.
• The World Bank employs the concept of per-capita Gross National Income (GNI) as a means of comparing and category countries based on their economic development stage.
• The World Bank divides the world's economies into four income categories:
  • Low-income – Less than $1036
  • Lower-middle income – $1036 - $4045
  • Upper-middle – $4046 - $12535
  • High income – More than $12535
  • is very important to make informed decisions and efforts to increase our economic development just as the conscious efforts to increase our income and growth.
  • Development has not been possible anywhere in the world without a conscious public policy.
  • Similarly, we can say that there can be no development without growth.
  • If economic growth is used properly for development, it will re-accelerate growth and eventually bring a larger population into the development arena.
  • Similarly, high growth with low development leads to a decline in growth.
  • Economic development is a more relevant indicator of progress and quality of life in developing countries such as India, where inequality in wealth distribution is prevalent.