Question

What do we mean by sustainable economic development?
1. Future economic development with the development of present generation
2. Only economic development of present generation
3. Industrial development
4. Agriculture development

Answer 1

Correct Answer - Option 1 : Future economic development with the development of present generation

The correct answer is Future economic development with the development of the present generation.

• Sustainable Economic Development is a national initiative built on local economies' unique assets to address their individual challenges and provide quantifiable real-world benefits.
• It is a practical, implementable toolkit that tailors strategies to work for local people, businesses, and institutions. 
• The aim of sustainable development is to balance our economic, environmental, and social needs, allowing prosperity for now and future generations. It includes social progress and equality, environmental protection, conservation of natural resources, and stable economic growth.
• The main features of sustainable development are respect and care for all kinds of life forms, improves the quality of human life, minimizes the depletion of natural resources, and enables the communities to care for their own environment.

• Industrial development enables the environment to tackle inequalities among and within countries either developed or developing, accelerates structural transformation and social mobility, provides new jobs and additional income, and reduces social exclusion. 
• Industrialization causes the income of people to rise and improves their standard of living.
• There is a rise in income, and so the rate of savings, rate of investment, and rate of spending also rise automatically. 
• Capital investment, labour input, financial investment, and technological progress are factors that affecting the growth of the industrial economy.
• Agricultural development is one of the most powerful tools to end extreme poverty, boost shared prosperity and feed a projected 9.7 billion people by 2050.
• Growth in the agriculture sector is two to four times more effective in raising incomes among the poorest compared to other sectors.
• Agriculture plays a critical role in the entire life of a given economy.
• Agriculture is the backbone of the economic system of a given country.
• In addition to providing food and raw material, agriculture also provides employment opportunities to a very large percentage of the population.