Question

Which among the given options deals with quantitative changes as well as qualitative changes?

• A. Economic growth
• B. Economic development
• C. Both A and B
• D. None of these

Answer 1

The correct option is D None of these

Economic growth defines as the country's real per capital income. It is a quantitative improvement in the scale of the economy in terms of investment, output, consumption and income.

Economic Development defines as the progressive changes in the country's socio-economic structure. It is a qualitative improvement, which entails improvement in the structure of the economy, including innovations in institutions, behaviour and technology.