Professional Documents
Culture Documents
Economic Development
Economic development is a qualitative term as it indicates continuous increase in the real
national income and structural changes in the economy of a country. It means increase in
output of goods and services in an economy. Economic development is more important than
economic growth because economic development is wider and more comprehensive process
than economic growth. Economic development is a process of economic transition involving
structural transformation of an economy through industrialization, raising GNP and per
capital income.
Economic Growth
Economic growth is a quantitative term as it represents quantitative increase in production
of goods and services in an economy. Economic growth is a steady process by which the
productive capacity of an economy increase overtime to bring about rising levels of national
output and income. Economic growth is the name of more production. Growth is measured
in terms of an increase in real gross national product (GNP/GDP) over time or an increase
in per capital income.