Question

6. What are the basic differences between economic growth and economic progress​

Answer 1

Answer:

growth- it is a rapid process. it is the resultant effect.

progress- it is slow process. it is a process.

Answer 2

Answer:

Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development