Question

What is economic growth? Explain the difference between economic growth and economic development.

Answer 1

☆☆☆☆☆☆HEY MATE☆☆☆☆☆

THIS IS YOUR ANSWER:-

ANSWER:-

Economic growth is an increase in the capacity of an Economic to produce goods and services compare of one period of time to another .

WHEREAS , economic development as a public sector term is the process by which the economic well being and quality of life of a nation or local community .

HOPE THIS ANSWER IS HELPFUL TO U AND MARK ME AS BRAINLIAST .

☆☆☆☆☆☆

FOLLOW ME TOO ☆☆☆☆☆

Answer 2

Economic growth is estimated as the expansion of the National Income or Gross Domestic Product(GDP) of any nation or country.Economic development is measured by the comprehensive improvement in the overall standard of living and the Human Development Index(HDI) of the people in any country or nation.

Explanation:

Major difference between economic growth and economic development:-

1. Economic growth is relatively narrower concept compared to economic development.
2. Economic growth basically emphasizes on some particular macroeconomic parameters or indicators such as national income or overall GDP.Economic development refers to the betterment of HDI or overall standard of living of people in general which includes educational and health/medical infrastructure,employment generation,socio-economic welfare,public infrastructure and so forth.
3. Based on economic growth,improvement in the national income or GDP level of any country depends on the betterment of the productive resources or factors/inputs of production in the economy such as human resources,capital or physical inputs,technological resources etc.than can improve the overall productive efficiency of any country.Economic development basically looks into the broader macroeconomic or developmental condition of any country which depends on the efficacy of government policies and efficiency of various economic and social entities and institutions in any country.
4. Economic growth mainly focuses on the present or current trends of the GDP level or national income of the country whereas,economic development emphasizes on the long term sustainable and comprehensive progress of the nation or country as a whole.