Question

9. Discuss the difference between economic growth and economic development​

Answer 1

Answer:

economic growth mean development of national economy mean to money and industry areas and meaning of economics development is improvement in quality of life of people and that particular area

Answer 2

Explanation:

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 means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves. It also refers to the improved production volume due to the advancements of technology.

Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period. It is a type of quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.

It can be measured in terms of the increase in the aggregate market value of additional goods and services produced by using economic concepts such as GDP and GNP.

It is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index (HDI). The overall development of a country is based on many parameters such as the creation of job opportunities, technological advancements, standard of living, living conditions, per capita income, quality of life, improvement in self-esteem needs, GDP, industrial and infrastructural development, etc.