Question

Distinguish between human development and economic development. 5 points please!

Answer 1

Answer:

Human Development : It refers to a continuous and sustained growth in an economy along with a general improvement in the overall standard of living in the nation. It refers to an improvement in the overall well-being and quality of life of individuals.

Economic Development : focuses on the economy as a whole. Human Development focuses on just the human aspect. It has a wider scope. It is comparatively narrow in scope.

Answer 2

Human development is the development of an individual's overall well-being while economic development primarily deals with the development of economic spheres of a nation as a whole.

Explanation:

• Human development can be understood as the development of an individual's overall well-being. It comprises of various freedoms and access to opportunities such as standard of living, healthcare, happiness, mental fitness, etc.

• Whereas economic development primarily deals with the development of economic spheres of a nation as a whole. It aims at achieving a better quality of life, infrastructural developments, availability of income and employment, increasing purchasing power parity, etc.

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