Final answer:
Development in the context of social studies, especially within development economics, refers to a transformative process that yields sustained and widespread improvements in per capita real GDP, reflecting higher incomes and living standards. It necessitates both qualitative and quantitative changes that extend beyond mere growth, deeply influencing cultural, institutional, and societal structures.
Step-by-step explanation:
The commonly understood definition of development is best described as a process that results in sustained and broadly experienced improvements in living standards. Specifically, it entails significant institutional and cultural changes, leading to a rise in incomes and the general betterment of living conditions, particularly in low- and middle-income nations. This includes an increase in output that exceeds population growth, and efforts to address the severe challenges of inequality, thereby offering widespread improvement in living conditions.
Economic development is different from economic growth; it prompts a qualitative transformation across numerous aspects of society, rather than just a quantitative increase in familiar production processes. Moreover, the process of economic development involves a complex mix of politics, social change, fiscal policy, education, innovation, and international relations, all geared towards enhancing economic and social wellbeing.
Lastly, the concept of modernization ties in closely with development, describing the transition towards a more developed, technologically advanced society. Yet, this concept requires careful contemplation to avoid ethnocentric biases, as the path towards modernity may not uniformly be viewed as positive across different societal contexts.