Similarities of economic growth and economic development.
Answers
Economic growth means a constant increase in national income of a country over a period of time i.e continues for 4–5 years. Whereas economic development means that along with certain rise in national income , unemployment level,general price level , inequality falls too
Answer:
Economic growth is a narrower concept than economic development. it is an increase in country's real level of national output which can be caused by increase in the quality of resources, increase in the quantity of resources & improvements in technology. or in another way an increase in the value of goods and services produced by every sector of the economy. Economic growth can be measured by increase in a country's GDP[gross domestic product].
Economic development is normative concept i.e, it applies in the context of people's sense of morality. the definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.
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