Question: Differentiate between Economic Growth and Economic Development? (4 marks/ 60 words)
|Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
|Economic development brings quantitative and qualitative change in the economy.
|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.
|Economic growth focuses on production of goods and services.
|Economic development focuses on distribution of resources.
|Indicators of economic growth are:
|Indicators of economic development are:
|Poverty and inequality may remain in economic growth.
|Achieving economic development is linked with end of poverty and inequality.
|Economic growth is concerned with increase in economy’s output.
|Economic development= Economic growth + standard of living
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