example of economic growth and economic development
just only example... plzzz
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economic development means development in all three sectors
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HumeraBatla:
i have defined it i want example
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Economic Growth refers to the rise in the value of everything produced in the economy. It implies the yearly increase in the country’s GDP or GNP, in percentage terms. It alludes to considerable rise in per-capita national product, over a period, i.e. the growth rate of increase in total output, must be greater than the population growth rate.
Economic Growth is often contrasted with Economic Development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. Here, you should know that economic growth is an essential but not the only condition for economic development.
The economic trend in a country as a whole, is the major component for its business environment. An economy whose growth rate is high provides a promising business prospect and thus builds business confidence. In this article, you will find all the substantial differences between economic growth and economic development.
Content: Economic Growth Vs Economic Development
Comparison Chart
Definition
Key Differences
Example
Conclusion
Comparison Chart
BASIS FOR COMPARISON ECONOMIC GROWTH ECONOMIC DEVELOPMENT
Meaning Economic Growth is the positive change in the real output of the country in a particular span of time. Economic Development involves rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on.
Concept Narrow Broad
Scope Increase in the indicators like GDP, per capita income etc. Improvement in life expectancy rate, infant mortality rate, literacy rate and poverty rates.
Term Short term process Long term process
Applicable to Developed Economies Developing Economies
How it can be measured? Upward movement in national income. Upward movement in real national income.
Which kind of changes are expected? Quantitative changes Qualitative and quantitative changes
Type of process Automatic Manual
When it arises? In a certain period of time. Continuous process.
Economic Growth is often contrasted with Economic Development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. Here, you should know that economic growth is an essential but not the only condition for economic development.
The economic trend in a country as a whole, is the major component for its business environment. An economy whose growth rate is high provides a promising business prospect and thus builds business confidence. In this article, you will find all the substantial differences between economic growth and economic development.
Content: Economic Growth Vs Economic Development
Comparison Chart
Definition
Key Differences
Example
Conclusion
Comparison Chart
BASIS FOR COMPARISON ECONOMIC GROWTH ECONOMIC DEVELOPMENT
Meaning Economic Growth is the positive change in the real output of the country in a particular span of time. Economic Development involves rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on.
Concept Narrow Broad
Scope Increase in the indicators like GDP, per capita income etc. Improvement in life expectancy rate, infant mortality rate, literacy rate and poverty rates.
Term Short term process Long term process
Applicable to Developed Economies Developing Economies
How it can be measured? Upward movement in national income. Upward movement in real national income.
Which kind of changes are expected? Quantitative changes Qualitative and quantitative changes
Type of process Automatic Manual
When it arises? In a certain period of time. Continuous process.
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