Final answer:
Development in a society is the transformative process involving the organization of resources to meet present and future challenges. It encompasses not just economic growth but also sustainable improvement in living standards and the shift towards more productive economic sectors.
Step-by-step explanation:
The statement suggests that development in a society is dependent on its ability to organize and manage resources to respond to challenges and harness opportunities. This involves a radical reorientation of societal structures, including economic systems, cultural norms, and institutional arrangements. Economic development is characterized by significant institutional and cultural transformation, suggested by economists like Joseph Schumpeter and Robert Heilbroner. It indicates not only an increase in per capita real GDP but also widespread improvement in living standards that are sustainable over time. Sustainable development focuses on the concept of meeting present needs without compromising the capacity of future generations to meet theirs. It entails a balance in resource exploitation, technological advancement, and institutional change to preserve environmental and economic stability for future needs. This balance is similar to how human societies expect individuals to live within their means, relating to a global scale where the activities should fit within nature's capacity for replenishment. The economic structure of a country, including the distribution of its workforce and the shift from agriculture to more productive sectors like manufacturing, plays a significant role in economic development. The process involves radical political and social changes that can reshape power structures and spur economic progress. In essence, development is a transformative process that entails sustained gains in living standards and economic output in relation to population growth.