Economic growth is
A) cannot be illustrated by the shift of a production possibilities curve, while economic development can.
B) includes improvements in the quality of life, while economic development considers only GDP per capita.
C) defined qualitatively, while economic development is more quantitative in nature.
D) defined quantitatively, while economic development is more qualitative in nature.

Question

Quizplus · Accepted Answer

Economic growth refers to an increase in the quantity of goods and services produced by an economy. It is usually measured by the increase in real GDP or in per capita GDP. This is a quantitative measure that can be easily measured and compared over time. Economic development, on the other hand, is a broader concept that includes not only economic growth but also improvements in the quality of life, such as education, healthcare, and social welfare. It is more qualitative in nature, as it involves factors that are difficult to measure objectively. Therefore, choice D is the best answer.

Economic Growth Is