Economic
Growth is a narrower concept than economic development.
It is an increase in a country’s real level of national output which can be
caused by an increase in the quality of resources (by education
etc.), increase in the quantity of resources and improvements in technology
or in another way an increase in the
Growth is a narrower concept than economic development.
It is an increase in a country’s real level of national output which can be
caused by an increase in the quality of resources (by education
etc.), increase in the quantity of resources and improvements in technology
or in another way an increase in the
value of goods and services produced
by every sector of the economy. Economic Growth can be measured by an increase
in a country’s GDP (gross domestic product).
Economic
development is the definition of economic development given by is
an increase in living standards, improvement in self-esteem needs and freedom
from oppression as well as a greater choice. The most accurate method of
measuring development is the Human Development Index
which takes into account the literacy rates and life expectancy which affect
productivity and could lead to Economic Growth. It also leads to the creation
of more opportunities in the sectors of education, healthcare, employment and
the conservation of the environment. It implies an increase in the per capita income
of every citizen.
development is the definition of economic development given by is
an increase in living standards, improvement in self-esteem needs and freedom
from oppression as well as a greater choice. The most accurate method of
measuring development is the Human Development Index
which takes into account the literacy rates and life expectancy which affect
productivity and could lead to Economic Growth. It also leads to the creation
of more opportunities in the sectors of education, healthcare, employment and
the conservation of the environment. It implies an increase in the per capita income
of every citizen.