Question

What is the difference between economic growth and economic development?

Answer 1

Answer:

Economic Growth is Quantitative Measure.

Economic development is Qualitative measure.

Explanation:

Economic growth measure the parameters that measure the output of economy during the specific period of time. The parameters like GDP, Income , inflation, interest rate etc describe the economic growth in the country. Economic development is more boarder term that not only covers the economic factors but also measures the factors like standards of living, education, population, technological improvement, labor condition and others qualitative measure the describe the Position of country.