Ask Question
BusinessBusiness
31 July, 06:42

What is the difference between economic growth and economic development? Describe two basic ways that economic growth can be accomplished.

+2
Answers (1)
  1. 31 July, 10:23
    0
    Answer: Economic growth is a quantitative factor while economic development is a qualitative factor.

    Explanation: The increase in the output in an economy, in respect of real terms, in a particular time period which is generally a year, is called economic growth. Whereas economic development is a broad term which involves factors like living standard of the population and advancement in technology.

    Economic growth can be accomplished by advancing the technology or making human capital skilled enough to perform superior activities.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “What is the difference between economic growth and economic development? Describe two basic ways that economic growth can be accomplished. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A perfectly competitive firm produces where A. marginal cost equals price, while a monopolist produces where price exceeds marginal cost. B. marginal cost equals price, while a monopolist produces where marginal cost exceeds price. C.
Answers (1)
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $4,950,000.
Answers (1)
Libra Electronics has invented a new technology to make laptops that are extremely lightweight and unbreakable. The company is advertising aggressively and wishes to create demand for its new range of laptops.
Answers (1)
If a good that generates negative externalities were priced to take these negative externalities into account, its A. price would decrease, and its output would increase B. price would remain constant and output would increase C.
Answers (1)
To achieve the gains from trade, each nation should specialize in the production of a good or service if: its production possibility frontier is farther from the origin than that of any other country.
Answers (1)
New Questions in Business
A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others.
Answers (1)
18. Callon Industries has projected sales of 67,000 machines for 2012. The estimated January 1, 2012, inventory is 6,000 units, and the desired December 31, 2012, inventory is 15,000 units. What is the budgeted production (in units) for 2012?
Answers (1)
Which of the following statements is true? (A) The expectations hypothesis indicates a flat yield curve if anticipated future short-term rates exceed current short-term rates.
Answers (1)
Colombia has an absolute advantage in producing coffee relative to the United States. A. Coffee cannot be grown in the United States. B. Government trade disincentives regarding Colombian coffee make such trade possible. C.
Answers (1)
Cross references should be prepared for business names when
Answers (1)
Home » Business » What is the difference between economic growth and economic development? Describe two basic ways that economic growth can be accomplished.
Sign Up Forgot Password?