Economic development aims to enhance the overall well-being and living standards of a population.

CPI measures inflation and is not directly related to economic development.

HDI considers income, education, and health as key dimensions of human development.

Norway has consistently ranked among the highest in the HDI due to its high levels of income, education, and health.

Economic growth is essential for increasing resources and improving living standards, which are prerequisites for economic development.

Developing countries often face challenges such as low literacy rates, limited infrastructure, and a predominantly agricultural economy.

Convergence refers to the tendency of less developed countries to experience faster economic growth rates, leading to a narrowing of the gap between them and more developed countries.

Investment in education enhances human capital, leading to increased productivity and economic growth.

Industrialization involves the shift from an agrarian economy to one based on manufacturing and industry.

Developing countries often face challenges such as corruption, political instability, and limited access to technology, which hinder economic development.

Globalization refers to the increasing interconnectedness and interdependence of countries through trade, investment, and cultural exchange.

Sustainable economic development aims to balance economic growth with environmental protection and social equity.

Diversification involves expanding the range of economic activities and reducing dependence on a single sector, which can enhance economic resilience.

Infant mortality rate, literacy rate, and life expectancy are all indicators that reflect the overall well-being and development of a population.

Privatization involves the transfer of ownership and control of state-owned enterprises to the private sector.