What is the difference between economic growth and economic development?
A) Economic growth examines qualitative changes in the processes by which potential output increases over time, whereas economic development examines how a country moves from one point on its production possibility curve to another point on the curve.
B) Economic growth implies qualitative changes in productive processes whereas economic development requires quantitative change in virtually every aspect of life.
C) Economic growth implies quantitative changes in productive processes whereas economic development requires widespread structural changes in the way people live.
D) There is no difference between the two terms.

Question

Quizplus · Accepted Answer

Economic growth refers to an increase in the quantity of goods and services produced in an economy, often measured by the increase in Gross Domestic Product (GDP). Economic development, on the other hand, refers to the improvement in the overall well-being of society, including social, political, and economic aspects. It requires not only quantitative changes in productive processes but also widespread structural changes in the way people live, such as improvements in education, healthcare, and infrastructure.

What Is the Difference Between Economic Growth and Economic Development