4. Distinguishes between economic development and economic growth .
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Economic Growth is the positive change in the indicators of economy.
Economic Growth refers to the increment in amount of goods and services produced by an economy.
Economic growth means an increase in real national income / national output.
Economic development is the quantitative and qualitative change in an economy.
Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
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