Economics Supply And Demand Questions
Economic growth refers to an increase in the production and consumption of goods and services within an economy over a specific period of time. It is typically measured by the growth rate of the Gross Domestic Product (GDP). Economic growth focuses on the quantitative aspect of an economy, such as the increase in output, income, and employment.
On the other hand, economic development encompasses a broader and more comprehensive concept. It refers to the improvement in the quality of life, well-being, and standard of living of individuals within a society. Economic development includes not only the increase in GDP but also factors such as education, healthcare, infrastructure, social welfare, and environmental sustainability.
In summary, while economic growth primarily focuses on the increase in production and consumption, economic development encompasses a wider range of factors that contribute to the overall improvement in the living conditions of a society.