The world economy is broadly classified into two parts ie, developed economy and developing economy. In the light of the statement distinguish between these two economies on the basis of following features:
1. dependence on agriculture
2.heavy population pressure
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Explanation:
Economic growth brings quantitative changes in the economy. Economic growth reflects the growth of national or per capita income. Economic development implies changes in income, savings and investment along with progressive changes in socio- economic structure of country (institutional and technological changes).
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Answer:
“Economic development without growth is almost inconceivable.” Keeping this statement in
view, distinguish between the concept of development and growth.
Explanation:
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