Distinguish between economic growth and economic development
Economics
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Economic growth refers to the increase in the production of goods and services in an economy over time, typically measured by the rise in real Gross Domestic Product (GDP). It focuses on quantitative changes and an expansion of the economy's capacity.
Economic development is a broader concept that encompasses economic growth but also includes improvements in the quality of life and living standards for a population. It involves qualitative changes such as poverty reduction, increased life expectancy, improved education, and greater access to healthcare and infrastructure.
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