Question

Hey guyz

Good evening !!!

My question is :

Distinguish b/w
Economic growth and Economic development.

Note : I want minimum 6 points.

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Answer 1

Economic Development
1. 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.
2. Economic Developmentfocuses on the economy as a whole.
3. It has a wider scope.
4. It is a narrow concept as it includes only the monetary aspects.
5. It includes only the quantitative growth .
6. It is a means to achieve human development.

Human Development
1. It refers to an improvement in the overall well-being and quality of life of individuals.
2. Human Developmentfocuses on just the human aspect.
3. It is comparatively narrow in scope
4. It is a broader aspect of development as it includes monetary as well as the non- monetary aspects.
5. It is the process of both quantitative and qualitative growth.
6. Human deveIopments is the end or the final goal of all development.


I hope this answer help you
:))

Answer 2

Hy
Here is your answer
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★Economic Growth★

➡ An increase in amount of goods and services produced per head of the population over a period of time.

➡ Its measured by percent increase in a real GDP.

➡ Its also inflation-adjusted market value.

➡ They are two types:-

★ potential growth

★ actual growth
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★Economic Development★

➡ The primary objective of the majority and also of the world nation.

➡ Its the adoption of the new technology.

➡ Its enables improvement in the life expectancy rate.

➡ Its measured by per capita income and national income
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