what is the differences between economic growth and economic development?
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Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along enrichment of living standards and the advancement of technology.
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Between urbanization and economic growth at least a causal relationship exists. Urbanization positively impacts economic growth. However, the relationship between urbanization and economic growth is non-linear. The urbanization reaches a threshold after which it may impede the economic growth.
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Economic growth measures the annual increase in GDP, GNP, GDP per capita, or GNP per capita. Inequality of wealth is the gap in income between a country's richest and poorest people.
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Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
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Growth refers to an increase in size evident through physical change. Growth is also used to refer to consistent growing and an increase in value. When your child increases in height and weight, then they are experiencing a growth process. On the other hand, development refers to a process of gradual transformation.
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It refers to an increasing proportion of a population residing in urban areas in comparison to rural areas. The difference between urban growth and urbanization is that urban growth reflects a general increase in either the land area or the population size of an urban area.
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The difference between growth and development in psychology is that growth indicates a change size while development indicates a change in structure....
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Economic growth is the continuous improvement in the capacity to satisfy the demand for goods and services, resulting from increased production scale, and improved productivity (innovations in products and processes). ... Business investment is likely to become an increasingly important driver of growth.
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In summary Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
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The concept of human capital refers to the abilities and skills of human resources of a country, while human capital development refers to the process of acquiring and increasing the number. of persons who have the skills, education and experience that are critical for economic growth.
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Basically, economics is the study of an economy, i.e. its structure, condition, working, performance, issues, remedies, etc. ... On the other hand, an economy indicates a region, a particular area or country, concerning production, distribution, consumption, and exchange of goods and services, and supply of money.
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The key difference between marketing and business development is that marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large whereas business development is the process of ...
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Developed vs. Emerging Economy: What's the Difference? Developed nations have more advanced economies, infrastructure and higher standards of living. ... Investments in developed nations potentially carry less risk; investments in emerging economies may carry more risk, but may also have more potential for rapid growth.
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Growth is due to technological progress. Cross-country income differences are due to a combination of technological differences, differences in physical and human capital per worker. These are proximate causes of economic growth and success. ... There should be some fundamental causes of economic growth.
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Growth is termed as a physical change, where as development is said to be physical as well as social or psychological change. Development also means transformation or improvement. While growth is related to quantitative improvement, development is related to quantitative as well as qualitative improvement.
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What is the difference between growth and direct growth? Growth means investing in growth option through a regular plan, while direct growth means investing in growth option scheme through a direct plan.
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The economic growth is closely related to the industrial structure, health, demography and income distribution of the economy. The most used measure for national economic growth is the change in Gross Domestic Product (GDP). GDP measures the value added of all goods and services produced in the economy.