Question

Which one is a key difference between economic growth and economic development?

Options

• Growth focuses only on national income, while development covers quality of life improvements.

• Both terms mean the same thing

• Growth is broader than development

• Development is only about increasing GDP

Answer 1

Growth focuses only on national income, while development covers quality of life improvements

Explanation:

Economic growth is limited to income measures, while development is broader and focuses on improvements in living standards and quality of life.