What is meant
by the term economic development?
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Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.
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Economic development is defined as an increase in a country's wealth and standard of living. It is usually measured by an increase in the gross domestic product (GDP) or other measure of aggregate income.
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