Distinguish between the concepte of economic growth and development

1.	Distinguish between the concepte of economic growth and development
Answer» ECONOMIC GROWTH Economic Growth is the positive change in the real output of the COUNTRY in a particular span of time. It is a SHORT term process. ECONOMIC DEVELOPMENT Economic Development involves rise in the level of PRODUCTION in an economy ALONG with the advancement of technology, improvement in LIVING standards and so on.It is a long term process.

Answer»

ECONOMIC GROWTH

Economic Growth is the positive change in the real output of the COUNTRY in a particular span of time. It is a SHORT term process.

ECONOMIC DEVELOPMENT

Economic Development involves rise in the level of PRODUCTION in an economy ALONG with the advancement of technology, improvement in LIVING standards and so on.It is a long term process.

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Distinguish between the concepte of economic growth and development

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