Question

difference between economic growth and economic development​

Answer 1

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 2

Answer:

Economic growth

1)Increase in the monetary growth of a nation in a particular period.

2)It is a narrower concept than Economic Development.

3)It is a uni-dimensional approach which deals with the economic growth of the nation.

4)Short-term process.

5)Quantitative .

6)Developed Economies.

7)It is an automatic process that may or may not require intervention from the government.

8)Quantitative changes.

9)GDP, GNP.

Explanation:

economic development

1)It refers to the overall development of the quality of life in a nation which includes economic growth.

2)It is a broader concept than Economic Growth.

3)It is a multi-dimensional approach that looks into the income and as well as the quality of life of the nation.

4)Long-term process.

5)Both Quantitative and Qualitative.

6)Developing Economies.

7)It requires intervention from the government as all the developmental policies are formed by the government.

8)Quantitative as well as qualitative changes.

9)HDI, Per capita Income, Industrial Development.