The document discusses the concept and characteristics of economic development. It defines economic development as a multi-dimensional phenomenon that involves increases in real income as well as improvements in education, health, leisure time, and overall living standards. It also outlines some key factors and strategies that determine economic development, such as the size of the human resource, capital formation, use of natural resources, and technological innovation. Finally, it discusses some common ways to measure economic development, such as by measuring national income, personal income, changes in occupational structure, and increases in overall economic welfare.