difference between economic development and economic progress in tabular form
Answers
Answer:
In ordinary sense Economic development as well as economic progress, both the words show an increase.But there is lot of difference between both of them. They are as follows:
○ On the basis of development process:
☆Economic development is qualitative .
☆Economic progress is quantitative .
♡Economic development comes at the first stage.
♡Economic progress is the stage after the economic development.
○ In relation to developed and developing nations:
☆Increase in national income of developing countries is called economic development.
☆Increase in national income of developed countries is called economic progress.
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Explanation :
★ Economic growth refers to an increase over time in a country`s real output of goods and services (GNP) or real output per capita income.
★ Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries.