\t\t\tMeaningEconomic Growth is the positive change in the real output of the country in a particular span of time.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.ConceptNarrowBroadScopeIncrease in the indicators like GDP, per capita income etc.Improvement in life expectancy rate, infant mortality rate, literacy rate and poverty rates.TermShort term processLong term processApplicable toDeveloped EconomiesDeveloping EconomiesHow it can be measured?Upward movement in national income.Upward movement in real national income.Which kind of changes are expected?Quantitative changesQualitative and quantitative changesExamplesGDP, GNPHDI, Per capita Income, Industrial Development\t
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Difference between economic growth and economic development in tabular form for 5 marks

Answer» BASIS FOR COMPARISON ECONOMIC GROWTH ECONOMIC DEVELOPMENT


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