distinguished between economic growth and economic development
Answers
Answer:
The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is a qualitative concept.
Answer:
Economic growth refers to the aggregate increase in the Gross Domestic Product of a country. It is associated with growth in economic activities related to production and consumption. It can be measured with the help of economic data.
Economic Development refers to an increase in the overall living standards of the citizens of a country. It is qualitative in nature. It is indicated by change in quality of life and the availability of infrastructure to common citizens along with their per capita income. Social indicators like life expectancy, mortality rate, etc. are used to evaluate development.
Economic growth is not necessarily inclusive but economic development has to include a large section of population to create an impact.
Economic growth however, forms an important basis of development as it generates the resources that are required for development.
Explanation: