5 The demand for smartphones has become more price-inelastic as the range of functions available has increased. In low-income countries, smartphones are an important tool for economic development. This is because they provide access to education and banking services which were once not available in rural areas. Smartphones have made it easier for people to borrow and save their money. (a) Define economic development. [2] (b) Explain two reasons why children in rural areas may receive less education than those in cities. [4] (c) Analyse the advantages of selling a product which is price-inelastic in demand. [6] (d) Discuss whether or not an increase in the level of savings is beneficial for an economy. [8]