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Question
Define economic growth and economic development. Differentiate clearly.
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Solution
Economic growth is the increase in the capacity of the
economy to produce more of goods and services as compared to the previous year.
It can be calculated as the percentage increase in the GDP of a country.
Economic development is the process in which an
economy continuously tries to improve its economic, social and political well-being
of its people. It aims to improve the standard of living of its people.
Economic growth is the increase in the capacity of the economy to produce more of goods and services as compared to the previous year. It can be calculated as the percentage increase in the GDP of a country.
Economic development is the process in which an economy continuously tries to improve its economic, social and political well-being of its people. It aims to improve the standard of living of its people.Suggest Corrections
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