Question

write differences between economic growth and economic development ( 8 marks )​

Answer 1

Answer:

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.

Answer 2

Difference between economic growth and development

1. 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.

2. Economic growth measures an increase in Real GDP (real output). GDP is a measure of the national income / national output and national expenditure. It basically measures the total volume of goods and services produced in an economy.

Economic Development looks at a wider range of statistics than just GDP per capita. Development is concerned with how people are actually affected. It looks at their actual living standards and the freedom they have to enjoy a good standard of living.

Hope it helps you.

Please mark me as a brainliest...

Follow me.