Question

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Answer 1

Answer:

When the economic growth of a Nation is used to enhance the economical conditions of its citizens it is called Economic development.

Answer 2

If a nation adds a single dollar to its GDP, this is economic growth. If a nation diversifies its exports and imports, this is economic development; the two can and often do reinforce each other.

Creates new jobs providing a flow of incomes for people in work. Higher incomes can also reduce income and wealth inequality. Faster economic growth generates higher profits which can then be reinvested – promoting increased productivity and capacity.

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