Answer:

1. Economic Development refers to the sustained improvement in the standard of living and well-being of the people of a country in terms of economic, social, and political aspects. It involves a comprehensive economic policy that identifies and tackles various structural problems like poverty, unemployment, inflation, and inequality, among others. The ultimate goal of economic development is to create a stable and prosperous society, which can offer a decent standard of living to its citizens.

2. Economic Growth is the positive change in the output of goods and services produced by a country over a period. The increase in output can result from an expansion in the economy's productive capacity due to factors like advances in technology, increased investment, improved infrastructure or favorable policies. Economic growth is the main indicator of a country's economic health and contributes to higher per capita income and improved living standards for its citizens.

3. Human Development Index (HDI) is a measure of the economic and social progress of a country. It is calculated by assessing people's life expectancy, education, and standard of living. HDI serves as an alternative to Income per capita as a measure of a country's well-being. A high HDI score indicates that the country has achieved higher standards of living, healthcare, and an educated population.

4. Technological Change is the process of developing new technology or improving existing ones. It can involve new products, systems, methods, techniques, or processes that can increase efficiency, reduce costs or transform society. Technological change is a key driver of economic growth and development. Successful technological change requires the investment of resources in research and development, innovation and knowledge management.

5. Capital Formation refers to the process of creating new capital stock, i.e., investing in machines, equipment, infrastructure, and buildings, among others. Capital formation is critical for sustained economic development and growth as it enhances a country's productive capacity. Investment in capital formation can create job opportunities, increase efficiency and productivity, and fuel economic growth.

6. Human Resources refer to the people who contribute to the creation of goods and services of a country. Human resources are a critical factor in economic growth and development. It includes various skills, knowledge, education, and abilities that individuals possess. A well-educated and skilled labor force attracts investment, promotes technological innovation, and enhances productivity.

7. Natural Resources refer to the resources that exist in an environment in their natural or unprocessed form, e.g., minerals, forests, water, coal, and wildlife. Natural resources provide the raw materials used in the production of goods and services, which contribute to economic development. The exploitation of natural resources can be both beneficial and harmful to the environment if not well-managed. A responsible, sustainable approach to natural resource management can ensure their preservation for future generations.