Economic growth implies
A) qualitative changes in productive processes, whereas economic development requires quantitative changes in productive processes.
B) outward shifts of the production possibilities curve over time, whereas economic development requires movement from a point inside a curve to a point on the production possibilities curve.
C) widespread structural changes in the way people live, whereas economic development requires quantitative changes in productive processes.
D) quantitative changes in productive processes, whereas economic development requires qualitative change in virtually every aspect. of life

Question

Quizplus · Accepted Answer

Economic growth refers to an increase in a country's output or income, typically measured by GDP, which involves quantitative changes. Economic development encompasses broader qualitative improvements in living standards, including health, education, and infrastructure.

Economic Growth Implies