In order for economic development to occur, the rate of economic growth must be higher than the rate of population growth.

Question

Quizplus · Accepted Answer

Economic development involves an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. If the rate of economic growth is higher than the rate of population growth, it means that on average, individuals have more resources and wealth available per person, leading to improvements in living standards and economic development. If economic growth does not outpace population growth, the per capita income may stagnate or decrease, hindering economic development.

In Order for Economic Development to Occur, the Rate of Economic