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Economic Growth refers to the increase in the amount of goods and services that are produced in an economy over a period of time. It is actually measured as a percentage. Real GDP is the main measure of Economic Growth.
On the other hand, Economic Development is the development of economic wealth of an economy. Through Economic Development, the political, economic, and social well being of the people is improved. It also ensures quality of life regardless of how many goods and services are being produced.
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The answer is correct. Yet there is something to be added with that.
Economic development is a broader term which includes economic growth also. It means increase in the amount of goods and services produced and also the increase in the economic wealth of an economy.
Growth is quantitative increase while development is both quantitative and qualitative increase.
Economic development is a broader term which includes economic growth also. It means increase in the amount of goods and services produced and also the increase in the economic wealth of an economy.
Growth is quantitative increase while development is both quantitative and qualitative increase.
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