Question

What is Economic development? Distinguish between Economic
development and Economic growth.​

Answer 1

Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improve. It also means improved production volume due to the advancements of technology

Answer 2

$\huge \mathbb {Economic \: Development \: }$

Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it's an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people.

DIFFRENCE BTW.

$\mathcal { Economic \: development \: and \: Economic \: growth \:}$

• Economic growth means an increase in real national income / national output.

• Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

• Economic growth means an increase in real national income / national output. 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.