Question

Explain the concepts of economic growth and
development. What are their differences?​

Answer 1

Answer:

Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. ... The proceeds of economic growth could be wasted or retained by a small wealthy elite.

Answer 2

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Economic Growth' and 'Economic Development' mean the same thing'. ... No, Economic growth and Economic development are distinct and different in terms of their contents and coverage. Economic growth can be defined as a process whereby a country's real national income increases over a long period of time.

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