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.