Scribd
Upload
6 views2 pages

ECO Growth & Development

Economic Growth refers to the quantitative increase in a country's real output over time, while Economic Development encompasses qualitative improvements in living standards and overall well-being. Economic Growth is measured by metrics like GDP and is often short-term, whereas Economic Development involves broader indicators such as literacy and life expectancy, and is a long-term process. The two concepts differ in scope, measurement, and applicability to different types of economies.

Uploaded by

R C HIREMATH
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
6 views2 pages

ECO Growth & Development

Economic Growth refers to the quantitative increase in a country's real output over time, while Economic Development encompasses qualitative improvements in living standards and overall well-being. Economic Growth is measured by metrics like GDP and is often short-term, whereas Economic Development involves broader indicators such as literacy and life expectancy, and is a long-term process. The two concepts differ in scope, measurement, and applicability to different types of economies.

Uploaded by

R C HIREMATH
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 2

ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT

The terms Economic Growth and Economic Development sound very similar. However, the two
concepts are different. While Economic growth is a quantitative concept, Economic development is a
qualitative concept.
Economic Growth is the positive change in the real output of the country in a particular span of time.
Economic growth can be referred to as that increase which is witnessed in the monetary value of all the
goods and services that are produced in the economy during a time period.
• There is a discovery of new mineral/metal deposits.
• There is an increase in the number of people in the workforce or the quality of the workforce
improves. For example, through training and education.
• There is an increase in capital and machinery. and technology.
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.
Economic development, on the other hand, is a process where there is improvement in the lives of all
people in the country. Economic development refers to the process by which the overall health, well-
being, and academic level of the general population of a nation improve.
• An increase in real income per head – GDP per capita.
• The increase in levels of literacy and education standards.
• Improvement in the quality and availability of housing.
• Improvement in levels of environmental standards. and life expectancy.
Difference Between Economic Growth & Development
Basis of difference Economic Growth Economic Development
Meaning Annual increase in PCI It is Economic Growth +
Structural Changes

Scope Narrow, GDP,PCI, etc, Broad, Life expectancy rate,


IMI, Poverty, literacy, rates,

Term Short term process Long term process

Applicable to Developed Economies Developing Economies

How it can be Upward movement in Upward movement in real national


measured? national income. income.

Which kind of changes Quantitative changes Qualitative and quantitative


are expected? changes

Type of process Automatic Manual

When it arises? In a certain period of Continuous process.


time.

You might also like