There is no universal way of measuring development, there many different ways that take different factors into account.

Human Development Index (HDI):

Uses income, life expectancy, and education to determine the level of development in a country.
Does not include human rights or happiness.
Factors are processed to give a number between 0 and 1.

Gross Domestic Product (GDP):

Corruption Perceptions Index:

Literacy Rate:

Infant Mortality Rate (IMR):

Defining Development in a Developing World