Question

distinguish between economic development and economic growth?​

Answer 1

Answer:

economic development is the growth of the standard of the living of a nation people from a low income economic to a high -income economic

Economic growth: an increase in the amount of good and services produce per head of a population over the period

Answer 2

Economic growth

★Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along enrichment of living standards and the advancement of technology.

★Economic growth does not consider the Income from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takes consideration of all activities, whether formal or informal and eases people with low standards of living a suitable shelter and with proper employment.

★Economic Growth does not reflect the depletion of natural resources. Depletion of resources such as pollution, congestion & disease. Governments are under pressure due to the environmental issues, majorly the problem is due to Global warming. However, Economic Development is concerned with Sustainability, which means meeting the needs of the present without compromising.

★Economic growth is the subset of economic development.

Economic development:

★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 Development is related to underdeveloped or developing countries of the world.

★Economic Development is concerned with Sustainability, which means meeting the needs of the present without