difference betwean economic growth and economic development
Answers
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
Answer:
Economic Growth- It refers to the rise in national income, per capita income and production. Economic growth is said to occur when production of goods and services increases by any means.
Economic Development - It means in addition to the rise in per capita income or production whrn the fundamental development also goes on like the structural changes like improvement in thr living standards of the people, school, hospital facilities, etc. in the country.
Explanation: