Write a short note on economic growth and development
Answers
Answer:
short note on economic growth and development:
Economic growth reflects an increase in that country's gross domestic product, or GDP. ... Economic development, on the other hand, is a broader term. It indicates an increase in citizens' quality of life and is often measured using the Human Development Index.
Answer:
A country's general economic health can be measured by looking at that country's economic growth and development. Let's take a separate look at what indicators comprise economic growth versus 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.