Question

Compare and contrast Economic Development and economic growth​

Answer 1

Answer: Economic growth and economic development are interrelated terms but they are different.

Explanation:

Economic growth refers to the increase in income of a country for a particular period of time. It refers to the gain and loss a country experiences while exporting and importing the goods and services, whereas the economic development refers to the utilization of money and its impact on the life and living standards of people of the country. The money or income so generated by the country is able to provide better medical facilities, education, sanitation , residential and other facilities to the public. All these parameters contributed by the strong economic foundation of a country. More the income of the country more facilities it can provide to the native people. Hence, economic growth and economic development are interrelated.