write the difference between economic development and growth with the examples
Answers
Answer:
Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along enrichment of living standards and the advancement of technology.
Answer:
The difference between economic growth and economic development is as follows:
1. On the basis of development process: Economic growth is a quantitative term,whereas economic development is a qualitative term. Economic growth merely indicates increase in the GDP, per capita income and changes in the standard of living of the people.
2. Later and subsequent: Earlier economists did not make any distinction between these two terms. However, the qualitative aspect was indicated by the later economists by using the term economic development.
3. According to the changes taking place in economy: Increase in agricultural production by mere increase in land under cultivation is economic growth. On the other hand,increase in agricultural production by application of scientific knowledge and technology such as hybrid seeda indicates economic development.
4. In relation to the development and developing nations: Increase in the GDP of the developed countries like the USA is called economic growth; whereas increase in GDP as well as per capita income in developing countries like India is called economic development.
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