1.

Write down the difference between economic growth and economic development.

Answer»
Economic growthEconomic development
1. Increase in income and production.1. Improvement in the quality of life.
2. Measured in terms of increase in national income.2. Measured in terms of various indices such as Physical Quality of Life Index, Human Development Index, etc.
3. Quantitative measure.3. Qualitative measure
4. Emphasis is purely on the economic factors.4. Emphasis on socio-economic factors.
5. Growth happens in a short-term.5. Economic development happens over a long period of time.


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