Economic development refers to the process by which the economy of a region or country increases in size and capacity. It is a term that can be replaced or used interchangeably with other synonyms such as economic growth, industrialization, progress, advancement, modernization, and expansion. Each of these terms highlights different aspects of the economic development process, such as the increase in GDP, the rise of new industries, urbanization, technological advancements, and improvements in living standards. In essence, economic development encompasses all activities and policies that are designed to improve the economic well-being of a country or region and elevate the standard of living of its residents.