Economics Gdp Questions
The difference between economic growth and economic development is that economic growth refers to an increase in the production and consumption of goods and services within an economy, typically measured by the growth rate of the Gross Domestic Product (GDP). It focuses on the quantitative aspect of an economy's expansion.
On the other hand, economic development encompasses a broader concept that includes not only the increase in GDP but also improvements in various socio-economic factors such as education, healthcare, infrastructure, and living standards. It emphasizes the qualitative aspects of an economy's progress and aims to achieve sustainable and inclusive growth. Economic development takes into account the overall well-being and welfare of the population, rather than just the monetary value of goods and services produced.