Question

Difference between economic development and economic growth.Only in simple terms.​

Answer 1

Answer:

Economic Development is a broader concept than the Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of any country over a long period of time. ... Economic Growth can be measured through an increase in the GDP, per capita income, etc

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Answer 2

Economic Growth-

It is the quantitative measure which considers the rise in the output produced in an economy/nation in a particular period in its monetary value.

Economic Development-

Economic development projects a broader picture of an economy which takes into account an increase in production level or output of an economy along with an improvement in the living standard of its citizens. It focuses more on socioeconomic factors rather than the just quantitative increase in production.