Question

write the difference between economic growth and economic development
class 10​

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.

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Answer 2

difference between economic growth and economic development :

Defination :-

• It refers to the increase in the monetary growth of a nation in a particular period.
• It refers to the overall development of the quality of life in a nation, which includes economic growth

Span of concept :-

• It is a narrower concept than that of economic development.
• It is a broader concept than that of economic growth.

Scope :-

• It is a uni-dimensional approach that deals with the economic growth of a nation.
• It is a multi-dimensional approach that looks into the income and as well as the quality of life of a nation.

Term :-

• Short-term process
• Long-term process

Measurement :-

• Quantitative
• Both quantitative and qualitative

Government support :-

• It is an automatic process that may or may not require intervention from the government
• It requires intervention from the government as all the developmental policies are formed by the government

Examples :-

• GDP, GNP
• HDI, per capita Income, industrial development

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