what is difference between economic severe and economic classics
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ECONOMIC GROWTH
A country's economic growth is usually indicated by an increase in that country's gross domestic product, or GDP.
Generally speaking, gross domestic product is an economic model that reflects the value of a country's output.
In other words, a country's GDP is the total monetary value of the goods and services produced by that country over a specific period of time.
ECONOMIC DEVELOPMENT
A country's economic development is usually indicated by an increase in citizens' quality of life. 'Quality of life' is often measured using the Human Development Index,
which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates.
A country's economic growth is usually indicated by an increase in that country's gross domestic product, or GDP.
Generally speaking, gross domestic product is an economic model that reflects the value of a country's output.
In other words, a country's GDP is the total monetary value of the goods and services produced by that country over a specific period of time.
ECONOMIC DEVELOPMENT
A country's economic development is usually indicated by an increase in citizens' quality of life. 'Quality of life' is often measured using the Human Development Index,
which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates.
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