Question

Economic growth is an entirely __________ concept, while economic development deals with both qualitatively and quantitative aspects of the economy.

• A. quantitative
• B. qualitative
• C. theoretical
• D. both B & C

Answer 1

Answer: (A)

quantitative

Economic growth refers to a quantitative process of using natural resources for the development of the economy in other to increase the per capita income of the economy. The growth mainly measures the per capita income rather than overall income of the economy.

Economic development refers to the economic growth of the economy in both quantitative as well as qualitative terms which includes all aspects and has become a main and central theme of economic thought throughout the years. It includes reduction in poverty, income inequality as well as unemployment.

Therefore, economic development is a broader as well as more comprehensive term as compared to economic growth.