Economics Supply And Demand Questions
Economic development refers to the growth and improvement of a country's economy, typically measured by factors such as increased GDP, industrialization, and improved living standards. It focuses on increasing production, creating jobs, and generating wealth.
On the other hand, sustainable development is a broader concept that encompasses economic development while also considering environmental protection and social well-being. It aims to meet the needs of the present generation without compromising the ability of future generations to meet their own needs. Sustainable development takes into account the long-term impact of economic activities on the environment and society, promoting resource conservation, social equity, and ecological balance.