economic change and development
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Economic growth deals with an increase in the level of output, but economic development is related to an increase in output coupled with improvement in the social and political welfare of people within a country. Therefore, economic development encompasses both growth and welfare values.
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Answer:
Economic growth deals with an increase in the level of output, but economic development is related to an increase in output coupled with improvement in the social and political welfare of people within a country. Therefore, economic development encompasses both growth and welfare values.
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