Mechaella Shella Apolinario 03-07-23

1.4 BSA Economic Development

Task 1

1.What is the difference between economic growth and economic

development?

The difference between the economic growth and economic

development is the economic growth can be indicate to as the increase that is

witnessed in the monetary value of all the goods and services produced in the

economy during a time period. It reflects the potential increase in the number of

business transactions taking place in the economy by using economic concepts

such as GDP and GNP while the economic development it refers to the overall

development of the quality of life in a nation. Improving the production volume

due to the advancements of technology by using HDI, per capita Income and

industrial development.

2. Why strict economic definition of development inadequate?

This strictly economic definition of development is insuitable that’s

because it presents a very narrow view of development from only an economic

viewpoint, which misses many different aspects of growth. Economic growth is

necessary for economic development but not enough proof of economic

development. Even bodily growth and improvements in strength and

endurance are economic activities.