What type of development is characterized by improved capacity to process information and understand the world due to advancing age and experience?

Cognitive development

Explanation:

The cognitive development is characterized by the improvement in the information processing capacity, developing the understanding of the world with the advancing age.

This development deals with the way a child explores and figures out different things. It deals with the development of the problem solving skills, knowledge acquired, learning of the language and the processing and thinking with the growing age that provides with the better understanding of the world.