Q: Why Economic Development is preferred over Economic Growth. Do you think Developed countries are economically more developed than developing countries? Explain it with examples (250-300 words max
Answers
Explanation:
Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. Eco Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing.
Answer:
Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development. Higher real GDP enables more to be spent on health care and education.Economic development, if done effectively, works to retain and grow jobs and investment within a community. ... The private sector makes the investment to create jobs and increase wealth. Our job is to facilitate people, information, opportunities and even remove roadblocks to allow this to happen