Developed economies in the context of Poverty reduction


Developed economies in the context of Poverty reduction

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⭐ Core Definition: Developed economies

In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", "Globalization", and especially "Industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction.

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Developed economies in the context of Farmer

A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer might own the farmland or might work as a laborer on land owned by others. In most developed economies, a "farmer" is usually a farm owner (landowner), while employees of the farm are known as farm workers (or farmhands). However, in other older definitions a farmer was a person who promotes or improves the growth of plants, land, or crops or raises animals (as livestock or fish) by labor and attention.

Over half a billion farmers are smallholders, most of whom are in developing countries and who economically support almost two billion people. Globally, women constitute more than 40% of agricultural employees.

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