Distinguish between economic growth and economic

Economic growth without development It is possible to have economic growth without development.

distinguish between economic growth and economic development

Producing toxic chemicals will lead to an increase in real GDP. Economic Development is qualitative in nature because it focuses on improving the quality of life of the people in the country. There is an increase in the number of people in the workforce or the quality of the workforce improves.

Definition of Economic Growth Economic Growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy per head during a particular period.

economic growth and development pdf

Higher initial inequality results in less effect on poverty with an increase in economic growth. Economic Development is considered as a whole measure and Multidimensional phenomenon because it focuses on the income of the people and also on the improvement of the living standards of the people of the country.

It can be measured as a percentage increase in real gross domestic product.

what is the main difference between economic growth and economic development

Having economic growth without economic development is possible. Economic growth can be measured when there is a positive change in the national income, whereas economic development can be seen when there is an increase in real national income.

Distinguish between economic growth and economic

Improvement in the quality and availability of housing. Economic growth can cause an increase in congestion. Example To understand the two terms economic growth and economic development, we will take an example of a human being. Higher savings can fund more investment, helping economic growth. We will start by defining Economic growth and development. Whereas, Economic Development takes consideration of all activities, whether formal or informal and eases people with low standards of living a suitable shelter and with proper employment. If a state-owned industry increases output, this is reflected in an increase in GDP. In the like manner, growth of an economy can be measured through the increase in its size in the current year in comparison to previous years, but economic development includes not only physical but also non-physical aspects that can only be experienced like improvement in the lifestyle of the inhabitants, increase in individual income, improvement in technology and infrastructure, etc. Scope Economic Growth is considered as a narrow measure and single dimensional in nature as it only focuses on the income of the people of the country. Educational standards and labour productivity. Meanwhile, economic development is the outcome of planned and result-oriented activities.
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Difference between economic growth and development